BUS 254- Final Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 254
• Professor: matt martell

Document Summary

Activity-based costing (abc: overhead is allocated based on ea products use undergoing activities, = more accurate product costing. Manufacturing costs: direct materials, direct labour, manufacturing overhead. Paint, cereal: cost accumulated for time period, costs assigned to departments or processes. Accumulating manufacturing costs: may be recognize daily, ex. Machinery repairs, indirect materials/labour: may also be recorded periodically thru adjusting entries. Reporting job cost data: cost of goods manufactured schedule now shows manufacturing overhead applied rather than actual overhead costs, applied overhead is added to direct materials and direct labour ti determine total manufacturing costs. The cost of items finished and transferred from work in process inventory to finished goods inventory is: Underapplied or overapplied manufacturing: a debit balance in manufacturing overhead means that overhead is underapplied, overhead assigned to wip is less than overhead incured, a credit balance is opposite ; overhead > wip.