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ADMS 2510 (22)
Chapter 2

CHAPTER 2 DEF.docx

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Department
Administrative Studies
Course
ADMS 2510
Professor
Alison Beavis
Semester
Winter

Description
 The predetermined overhead rate is determined before the period begins by dividing the estimated total manufacturing overhead cost for the period by the estimated total allocation base for the period. The most frequently used allocation bases are direct labour-hours and machine-hours.  The under- or over applied overhead for a period can be (1) closed out to Cost of Goods Sold or (2) allocated among Work in Process, Finished Goods, and Cost of Goods Sold, or (3) carried forward to the end of the year. Chapter 2  non-manufacturing costs are divided into two categories: (1) marketing or selling costs and (2) administrative costs.  Order-filling costs would include shipping, sales commissions, and the costs of finished goods warehouses.  The matching principle is based on the accrual concept and states that costs incurred to generate a particular r
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