ADMN 3021H Lecture Notes - Lecture 2: Automobile Repair Shop, Oil Refinery, Cost Accounting

• School: Trent University
• Department: Business Administration
• Course: ADMN 3021H
• Professor: Jaime Morales

Document Summary

Explain the characteristics and purposes of cost accounting. Describe the flow of costs in a job-order cost accounting system. Use a job cost sheet to assign costs to work in process. Demonstrate how to determine and use the predetermined overhead rate. Prepare entries for manufacturing and service jobs completed and sold. Distinguish between under- and over-applied manufacturing overhead. A company produces many units of a single product. Many different products are produced each period. There are two basic types of cost accounting systems: A firm that supervises bridge construction projects job order. A factory making orange juice from concentrate - process. Each job has distinguishing characteristics and related costs. Two major steps in flows of costs: accumulate the manufacturing costs incurred, raw materials, factory labour, manufacturing overhead, assign the accumulated costs to get the work done. On january 4th, wallace manufacturing purchases 2,000 handles at per unit (,000) and 800 modules at.