Managerial Accounting: Job Order & Process Costing (Part 2) HD

Lecture 4: Managerial Accounting: Job Order & Process Costing (Part 2) by Professor Victoria Chiu (Chapter 17) In this lecture, the steps to assigning manufacturing overhead to jobs is reviewed, as well as the journal entries involved in the process. The completed job cost record is also displayed. The journal entries recording the completion and sale of finished goods are also covered. The methodology for adjusting manufacturing overhead is also shown. Lastly, how to calculate the per unit costs (for a service company) is also taught. Several exercises are performed for each of the topics. Begins with Recap of previous lecture: 0:00 (Purchasing & Using Materials, Labor journal entries and review of exercise S17-6 from last lecture) Accounting for Manufacturing Overhead: 9:45 (shows journal entries and T-account) Assigning Manufacturing Overhead to Jobs: 12:09 ---Step 1: Predetermined Manufacturing Overhead Rate: 14:07 ---Step 2: Allocating Overhead Costs to Jobs: 15:36 Completed Job Cost Record: 18:47 Assignment of Overhead to Jobs (journal entries): 20:23 Exercise S17-7 (directions given): 26:06 ---Accounting for Overhead Silence (students working on problem - skippable): 26:35 Exercise S17-7 Solution (Professor reviews problem): 29:01 Exercise S17-8 (directions given): 32:13 ---Allocating Overhead Silence (students solving problem - skippable): 32:43 Exercise S17-8 Solution (Professor reviews problem): 33:40 Exercise S17-9 with Solution (Professor reviews solution): 35:52 ---Comparing Actual to Allocated Overhead Completion of Sale & Finished Goods Journal Entries: 40:04 Adjusting Manufacturing Overhead: 43:55 Exercise 17-18 (directions given): 47:16 ---Allocating Manufacturing Overhead Silence (students working on problem - skippable): 47:39 Exercise 17-18 Solution (Professor reviews answer): 51:09 Exercise 17-18 Part 2 (directions given): 54:20 ---Determining amount of manufacturing overhead that is under or overallocated. Silence (students working on problem): 54:43 Exercise 17-18 Part 2 Solution (Professor reviews answer): 56:36 Service Company (calculating unit costs): 1:00:07 Assigning Labor Costs to Service Jobs: 1:03:15 Exercise S17-6 (Professor reviews answer): 1:08:07 ---Job Order Costing in a Service Company To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html