Chapter 3: Job Costing

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Last updated 5:57 PM on 9/11/26
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10 Terms

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Process Costing

Used by companies that produce a large volume of identical units

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Job Costing

Used by companies that produce custom or unique products

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What is the formula for Predetermined Overhead Rate?

Total estimated MOH costs / Total estimated amount of allocation base

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What does it mean to allocate to the job

Assigning a fair share of indirect factory costs to a specific product

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MOH allocated to a job formula

Predetermined MOH Rate x Actual Amount of Allocation Base Used

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When is Predetermined Overhead Rate computed?

At the beginning

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When is MOH allocated

At the end of a job

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Underallocated

MOH allocated < MOH actually incurred

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Overallocated

MOH allocated > MOH actually incurred

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Predetermined Indirect Cost Allocation Rate

Estimated Indirect Costs / Estimated Allocation Base