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Chapter 5

ACC 406 Chapter 5

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Department
Accounting
Course
ACC 406
Professor
Anthony Chan
Semester
Fall

Description
CHAPTER 5: JOB-ORDER COSTING 1. Describe the difference between job order costing and process costing, and identify the types of firms that could use each method.  Job order firms collect costs by job  Job order firms produce heterogeneous products/services – each unit or batch has a difference total cost  Job order firms include construction, custom cabinetry, dentistry, medical services, and automotive repair  Process firm produce homogeneous products  In process firms, the cost of one batch or unit is the same as another batch or unit  Process firms include paint manufacturing, cheque clearing, and toy manufacturing 2. Compute the predetermined overhead rate, and use the rate to assign overhead to units or services produced  Predetermined overhead is total budgeted overhead divided by total budgeted activi
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