chapter 3 managerial accounting garrison Questions And Answers
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Course
Managerial Accounting 12th edition
Institution
Managerial Accounting 12th Edition
Bill of materials - ANS A document that shows the quantity of each type of direct material required to make a product
Cost driver - ANS A factor, such as machine- hours, beds occupied, computer time, or flight- hours, that causes overhead costs
Cost of goods manufactured - ANS...
chapter 3 managerial accounting garrison
Questions And Answers
Bill of materials - ANS A document that shows the quantity of each type of direct material
required to make a product
Cost driver - ANS A factor, such as machine- hours, beds occupied, computer time, or
flight- hours, that causes overhead costs
Cost of goods manufactured - ANS The manufacturing costs associated with the goods
that were finished during the period
Finished goods - ANS Units of product that have been completed but not yet sold to
customers
Job cost sheet - ANS A form that records the materials, labor, and manufacturing overhead
costs charged to a job.
Job- order costing - ANS A costing system used in situations where many different
products, jobs, or services are produced each period
Materials requisition form - ANS A document that specifies the type and quantity of
materials to be drawn from the storeroom and that identifies the job that will be charged for the
cost of those materials
Multiple predetermined overhead rates - ANS A costing system with multiple overhead cost
pools and a different predetermined overhead rate for each cost pool, rather than a single
predetermined overhead rate for the entire company. Each production department may be
treated as a separate overhead cost pool
Normal cost system - ANS A costing system in which overhead costs are applied to a job
by multiplying a predetermined overhead rate by the actual amount of the allocation base
incurred by the job
Overapplied overhead - ANS A credit balance in the Manufacturing Overhead account that
occurs when the amount of overhead cost applied to Work in Process exceeds the amount of
overhead cost actually incurred during a period
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