Upgrade to remove ads
Only $35.99/year

[90502][3.3][3 credits] Process financial information for a manufacturing job cost subsystem

Terms in this set (13)

Purchasing Raw Materials
<dr> Raw Materials
<dr> GST
<cr> Accounts Payable
Materials Requisitioned
<dr> Work in Progress
<cr> Raw Materials
Labour Added
<dr> Work in Progress
<cr> Labour
Applying Factory Overheads
<dr> Work in Progress
<cr> Factory Overhead Control
Transferring the Job to Finished Goods Inventory
<dr> Finished Goods Control
<cr> Work in Progress
Recording Actual Overheads
<dr> Factory Overhead Control
<dr> GST
<cr> Accounts Payable (or Bank)
Recording Indirect Materials Used
<dr> Factory Overhead Control
<cr> Raw Materials
Recording Indirect Labour Used
<dr> Factory Overhead Control
<cr> Labour
Recording Factory-Related Depreciation
<dr> Factory Overhead Control
<cr> Accumulated Depreciation - <the item>
Cost of Goods Sold
<dr> Cost of Sales
<cr> Finished Goods
Sales
<dr> Bank
<cr> Sales
<cr> GST
Comparing the Predetermined and Actual Overheads
If under-applied:
<dr> Cost of Sales
<cr> Factory Overhead Control

If over-applied:
<dr> Factory Overhead Control
<cr> Cost of Sales
Transferring Work in Progress from one department to another
<dr> Work in Progress - Department B
<cr> Work in Progress - Department A
Other sets by this creator