ACCT 2101 Chapter : ACCT Chapter 2 Notes
Document Summary
Unique products are costed out when the job is completed: process cost system costs are accumulated and assigned to job after a period of time. The product is usually of a like kind nature. Inventory (asset acct) cost portion spent to sold make all. Goods sold (expense acct) portion sold is expensed. Bills xx xx xx xx xx xx xx (1) (2) (3) Record debits to accumulate the bills as they come in. actual costs as they are incurred. The timing does not necessarily relate to the production of the product. The debit side of the account accumulates all of the (4) (5) xx xx xx xx (6) xx xx. Credits recorded show the application of overhead to the process as units of product are made. Start with a t account with the debit and credit side headings and formulas. Total estimated annual oh cost $ = pdohr. Other terms for the word estimated are projected, budgeted,
