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MATCHING! Match each term with the explanation. Averages manufacturing costs across all units produced so that each identical unit bears the same cost Process of

MATCHING!

Match each term with the explanation.

Averages manufacturing costs across all units produced so that each identical unit bears the same cost

Process of dividing the total manufacturing overhead among the jobs produced during the year

Used to accumulate direct materials, direct labor and manufacturing overhead allocated to a job

Predetermined manufacturing overhead rate multiplied by actual amount of allocation base used by job

Account credited when recording the use of direct labor on jobs

Account credited when finished goods are sold

Actual manufacturing overhead is less than the amount of manufacturing overhead allocated to jobs

Account debited when finished goods are sold

Total job cost divided by the number of units

Materials used in the manufacturing plant that cannot be traced to individual jobs

Debited for the amount of indirect materials requisitioned for jobs

Manufacturing overhead allocated is less than the actual manufacturing overhead

Total estimated manufacturing overhead costs divided by total estimated amount of allocation base

Account debited when raw materials are purchased

Used by companies that produce unique, custom ordered products, or small batches of different products

Records the time spent by each employee on each job he or she worked on throughout the day

Debited for the amount of direct materials requisitioned for a job

Cost + Markup on cost

1.

Process costing

2.

Job costing

3.

Job cost record

4.

Labor time record

5.

Allocation of manufacturing overhead

6.

Predetermined overhead rate

7.

Calculation of Manufacturing overhead allocated to a job

8.

Cost-plus pricing

9.

Over-allocated manufacturing overhead

10.

Under-allocated manufacturing overhead

11.

Indirect materials

12.

Manufacturing Overhead account

13.

Work in Process Inventory account

14.

Cost of each unit for a job

15.

Cost of Goods Sold

16.

Finished goods inventory

17.

Wages Payable

18.

Raw materials inventory

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