A form that records the direct materials, direct labor, and manufacturing overhead cost charged to a job.
Job cost sheet
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A costing system used in situations where many different products, jobs, or services are produced each period (as opposed to mass production of homogeneous goods)
Job-order costing
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The manufacturing costs associated with units of product that were finished and sold during the period.
Cost of goods sold (COGS)
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A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is greater than the amount of overhead cost actually incurred during a period.
Overapplied overhead
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A schedule that contains three elements of product costsโDM, DL, and MOHโand that summarizes the portions of those costs that remain in ending WIP inventory and that are transferred out of Work in Process into Finished Goods.
Cost of goods manufactured (COGM)
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The process of assigning overhead cost to specific jobs.
Overhead application/applying overhead
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Units of product that have been completed but not yet sold to customers.
Finished goods (FG)
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A debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is less than the amount of overhead cost actually incurred during a period.
Underapplied overhead
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A rate used to charge MOH cost to jobs that is established in advance for each period. It is computed by dividing the estimated total MOH cost for the period by the estimated total amount of the allocation base for the period.
Predetermined overhead rate (POHR)
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A costing method that includes all manufacturing costsโdirect materials, direct labor, and both variable and fixed manufacturing overheadโin unit product costs.
Absorption costing
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The manufacturing costs associated with units of product that were finished during the period.