Quiz 27: Job Order Cost Accounting
There May Not Be a Raw Materials Inventory Account When
There may not be a raw materials inventory account when a just-in-time inventory system is used.
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Idle time is generally charged to manufacturing overhead.
Acceptable methods for determining cost of inventory include FIFO,LIFO,weighted average cost,specific identification and standard cost.
If a firm estimates that for the coming year it will have expected total direct labor costs of $60,000 and total manufacturing overhead costs of $36,000,its overhead application rate will be 60 percent.
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