Chapter 4- Job Costing | ACCT 327 - Cost Accounting, Quizzes of Cost Accounting

Download Chapter 4- Job Costing | ACCT 327 - Cost Accounting and more Quizzes Cost Accounting in PDF only on Docsity! TERM 1 Partial Income Statement DEFINITION 1 Sales Begin. FG Inv. + COGM GAFS - End. FG Unadj. CGS +/- Under/Over OH-Adjusted CGS Gross Profit TERM 2 Actual / Budgeted OH Rate DEFINITION 2 Actual OH Rate = Actual OH Cost Actual OH BaseBudgeted OH Rate = Budgeted OH Cost Budgeted OH Base TERM 3 Actual v. Normal Costing DEFINITION 3 Actual Normal DM Actual $ Actual $DL Actual $ Actual $OH Actual Rate x Actual Base Budgeted Rate x Actual Base TERM 4 Over/Under Allocated OH DEFINITION 4 Normal Costing ONLYOH Allocated Budgeted Rate x Actual OH BaseActual OH Actual $ Over/Under Allocated OH TERM 5 Adjusting OH: Method 1 DEFINITION 5 Close all to CGS