Note: there is only one Normal costing.

Please don't complete if you don't know what you're doing.

Assignment Content Opportunity cost of spoilage or rework Question 1 7.5 Points Group of costs accumulated for a specific purpose Several terms, concepts, and formulas associated with job costing are listed in the left column below. Various explanations, definitions, and situations are listed on the right. Match each item on the left to the most appropriate item on the right. Each item on the left has only one correct answer. Prompts Denominator of overhead allocation rate Submitted Answers O Allocated to work in process Choose a match Job costing Allocation base Choose a match 7 Scrap Direct and indirect costs of producing goods and services Choose a match O Product/job cost Cost pool Choose a match Deducted from gross margin on the income statement Choose a match O A system in which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job. The process of assigning costs to customized goods Choose a match 0 Overhead costs Normal costing Choose a match Rework Actual costing Normal costing Choose a match Product/job cost Defective units that arise as a part of regular operations Choose a match A system in which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job. Choose a match Defective units that resulted because of an unexpected electrical outage Choose a match a Defective units that are repaired and sold as if they were produced correctly Overhead costs O Rework Choose a match Bits of direct material left over from normal manufacturing processes Actual costing Lost profit or loss of reputation and market share Choose a match 7 Abnormal spoilage Job cost record Choose a match Period costs Choose a match Overhead is allocated using the actual activity and an actual rate Process costing Choose a match A costing system used when essentially homogeneous products are produced on continuous basis O Normal spoilage O Source document