How do you compute a plantwide rate?

How is the plantwide rate used to determine departmental overhead costs?

Why is a plantwide rate used to compute d epartmental overhead costing generally not accurate?

What is activity-based product costing (ABC)?

How is ABC used?

Why is ABC generally more accurate than using a single plantwide rate to determine costs?

what is the difference between a Job Order and Process Costing System?

how does the cost flow through a Job Order Costs System?

Does this process differ from the cost flow for a Process Costing System?

what is a cost object?

what are the journal entries for recording direct materials?

what are the journal entries for recording direct labor?

what are the journal entries for applied overhead?

what are the journal entries for actual overhead?

what are the journal entries to record finished goods inventory and cost of goods sold?

what are the journal entries for year-end postings for actual and applied overhead?

what are 3 types of cost accumulation systems?

what are typical cost elements that flow through the Job Order Costs System?

what are source documents used to track the various cost elements in a Job Order Costs System?

what is the difference between normal and actual costing?

how are overhead costs accounted for and computed using the traditional and ABC method?

what is the difference between a Job Order Costs System used in a manufacturing process versus a company that uses a Job Order Costs System for services?

what are the 3 different types of activity levels? Describe each one.

what is the name of the report used to accumulate costs for a Job Order Costs System?

how do you prepare a job order cost report?

what is the name of the report used to accumulate costs for a Process Costing System?

how do you prepare a Production Costs Report using the FIFO method?

how do you prepare a Production Costs Report using the Weighted Average method?

what is the difference between the FIFO and Weighted Average method?

why is unit cost important for manufacturing and nonmanufacturing firms?

how are selling & administrative expenses accounting for?

how is spoilage accounted for using a Job Order versus a Process Costing System?

what are characteristics of the joint production process?

what are 5 types of allocation methods relating to joint product costs? Describe each method.

what is a joint costing by-product?

how are costs for by-products treated?