Accounting for manufacturing overhead

Lecture Accounting for Business – A non-accountant’s guide (2/e) - Chapter 7: Costing concepts. After you have mastered the material in this chapter, you will be able to: Explain the importance of comparisons and trends in financial statement analysis; calculate the ratios related to the profitability and financial stability of a business, from a given set of financial statements;...

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Chapter 26 - Performance evaluation through standard costs. After studying this chapter, you should be able to: Distinguish between a standard and a budget, identify the advantages of standard costs, describe how standards are set, state the formulas for determining direct materials and direct labor variances, state the formulas for determining manufacturing overhead variances, discuss the reporting of variances, enumerate the features of a standard cost accounting system.

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After studying this chapter, you should be able to: Distinguish between a standard and a budget, identify the advantages of standard costs, describe how standards are set, indicate the formulas for determining direct materials and direct labor variances, state the formulas for determining manufacturing overhead variances.

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Chapter 9 - Recording and evaluating conversion process activities. In this chapter, the learning objectives are: Explain the different types of manufacturing costs and how manufacturing costs are different than nonmanufacturing costs, describe manufacturing cost flows for direct materials and direct labor and record these activities, explain the process of applying manufacturing overhead and record these activities.

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After studying this chapter, you should be able to: Distinguish between a standard and a budget, identify the advantages of standard costs, describe how standards are set, state the formulas for determining direct materials and direct labor variances, state the formulas for determining manufacturing overhead variances, discuss the reporting of variances, enumerate the features of a standard cost accounting system.

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Chapter 15 - Job order costing. In this chapter students will be able to: Describe cost systems and the flow of costs in a job order system, use a job cost sheet to assign costs to work in process, demonstrate how to determine and use the predetermined overhead rate, prepare entries for manufacturing and service jobs completed and sold.

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Chapter 23 - Budgetary planning. The objectives of this chapter are: State the essentials of effective budgeting and the components of the master budget; prepare budgets for sales, production, and direct materials; prepare budgets for direct labor ,manufacturing overhead, and selling and administrative expenses, and a budgeted income statement; prepare a cash budget and a 4 budgeted balance sheet; determine a transfer price using the negotiated, cost-based, and market-based approaches.

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Chapter 4 - Product costing systems. The main contents of this chapter include all of the following: Product costing, different costs for different purposes, designing product costing systems, flow of costs in manufacturing businesses, allocating overhead costs to products, accounting for manufacturing overheads, types of product costing systems, job costing, process costing.

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Chapter 11 - Standard costs for control: flexible budgets and manufacturing overhead. In this chapter, you will learn: Flexible budgets, input measures and output measures, overhead application in a standard costing system, calculating and interpreting overhead cost variances, standard costs for product costing, an appraisal of standard costing systems, activity-based budgeting.

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Chapter 2 - Job-order costing for manufacturing & service companies. This chapter presents the following content: Manufacturing costs, merchandising and manufacturing firms, common manufacturing overhead costs, nonmanufacturing costs,...

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(bq) part 1 book "managerial accounting for dummies" has contents: the role of managerial accounting, using managerial accounting in your business, classifying costs, figuring cost of goods manufactured and sold, allocating overhead,...and other contents.

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Chapter 8 - Performance evaluation through standard costs. After studying this chapter, you should be able to: Distinguish between a standard and a budget, identify the advantages of standard costs, describe how standards are set, indicate the formulas for determining direct materials and direct labor variances, state the formulas for determining manufacturing overhead variances,...

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Chapter 3 introduce the product costing systems. Learning objectives of this chapter include: Product costing systems, different product costs for different purposes, designing product costing systems, flow of costs in manufacturing businesses, allocating overhead coststo products,...

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This chapter introduce the standard costs for control: Flexible budgets and manufacturing overhead. In this chapter you will learn: Flexible budgets, Flexible overhead budget: R.M. Williams, overhead application in a standard costing system, calculating overhead cost variances, overhead cost performance report,...

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Property, plant and equipment is carried at cost less accumulated depreciation. Assets manufactured by the Company include direct manufacturing costs, production overheads and interest charges incurred during the construction period. Government grants are deducted from the cost of the related asset. Depreciation is calculated using the straight-line method over the expected economic life of the asset. Depreciation of special tooling costs is based on the expected future economic benefit of these tools.

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To further motivate this framework, consider a hypothetical manufacturer that uses chemical A and several other inputs to produce a product for sale. Chemical A can be purchased for $50 per gallon. Unfortunately, the use of Chemical A creates a toxic, regulated by-product that must be disposed of at some cost. The chemical's contribution to the plant's overall disposal costs is not known with precision and, from an accounting standpoint, simply appears as a general facility overhead cost. In other words, the disposal cost is not assigned to the process or product in which is used.

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Amsterdam Corporation produces medical grade isotopes. The isotopes are produced in a single continuous process and Amsterdam uses the weighted-average process costing method of accounting for production. The production process requires constant utilization of facilities and equipment, as well as direct labor by skilled technicians. As a result, direct labor and factory overhead are both deemed to be introduced uniformly throughout production.

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Max Protect Armored Cars, a private-sector company, provided the following aggregated data for armored construction jobs during a recent period: Direct materials $ 4,480,923 Direct labor 7,296,518 Applied (and actual) factory overhead 2,741,151 Beginning work in process 4,850,032 Ending work in process 5,853,000 a) How much is cost of goods manufactured? Is this necessarily the same as cost of goods sold? Why or why not?

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