Chapter 04 Product And Service Costing-Overhead Application And Job Order System [ppt]

After studying this Chapter 04 Product And ServiceCosting-Overhead Application And Job Order System, you should be able to:

1. Differentiate the cost accounting systems of service and manufacturing firms and of unique and standardized products.
2. Discuss the interrelationship of cost accumulation, cost measurement, and cost assignment.
3. Compute a predetermined overhead rate, and use the rate to assign overhead to production.
4. Explain the difference between job-order and process costing, and identify the source documents used in job-order costing.
5. Describe the cost flows associated with job-order costing, and prepare the journal entries.
6. Explain why multiple overhead rates may be preferred to a single, plantwide rate.

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