Job Order Accounting-Chpt. 13

1.How do you track direct material, direct labor, and factory overhead ?2. How do you estimate factory overhead ( factory overhead rate ) ? 3.What are he two methods of adjusting factory overhead ?4. What accounts are used to pro-rate over/under factory overhead ? When do you use each method ?

Process Cost Accounting-Chpt.14

• Mass Production of Identical Products Utilizing an Average Cost Per Unit For All of the Products Produced.

5 Step Production Cost Report

1. Account for All of the Units2. Calculate the Equivalent Completed Units3. List ( Copy ) all of the Costs4. Calculate the Cost Per Unit5. Obtain the Value for the Units Completed and

Transferred, and also for the Ending Work-in-Process

Future Assignments

• Director of internal Reporting Report…….Next in person class

• Corporate Analysis………..Last class• Discussion Board Answers………Due 2 weeks

from Tonight

Next Class

• Read Chapter # 8• Do Problems 7-30 and 7-34

Budgeting

• Budgeting is a plan for the future in monetary terms.

• Operating budgets= Income Statement

• Financial budgets = Balance Sheet

Operating Budgets

• Revenue Budgets• Operating Budgets• Manufacturing Budgets• General & Administrative Budgets• Purchasing Budgets

Financial Budgets

• Cash Budgets

• Capital Budgets

• Working Capital Budgets

Cash Budget

• Beginning Cash Balance• + Cash Receipts ( collections )• = Cash Available• - Cash Disbursements ( paying bills )• Ending Cash Balance

Purchases Budget

• Ending Inventory• +COGS• =Goods Available• -Beginning Inventory• =Required Purchases