Predetermined overhead rate, COGM, COGS, unadjusted, adjusted, job costing journal entries скачать в хорошем качестве

Predetermined overhead rate, COGM, COGS, unadjusted, adjusted, job costing journal entries

This video explains various job costing concepts (0:17) and calculations, including predetermined overhead rates, actual overhead rates, cost of goods manufactured (COGM), and cost of goods sold (COGS). The speaker also walks through several journal entries (4:58) related to raw materials, wages, and manufacturing overhead. Here's a breakdown of the key topics: • Predetermined Overhead Rate (0:36): The video starts by calculating this rate by dividing budgeted manufacturing overhead by budgeted direct labor hours. It also contrasts this with the actual overhead rate (2:43). • Unapplied Manufacturing Overhead (3:30): The speaker discusses how to account for the difference between actual and applied manufacturing overhead, including the journal entry (4:58) to debit the unapplied amount to the manufacturing overhead account. • Inventory Accounts (6:09): The video illustrates the flow of costs through different inventory accounts: • Raw Materials Inventory (6:20) • Wages Payable (6:34) • Manufacturing Overhead (6:44) • These accounts feed into Work in Process Inventory (6:58). • Cost of Goods Manufactured (COGM) (31:33): The video explains how to calculate COGM using the beginning work in process inventory, total manufacturing costs, and ending work in process inventory. • Cost of Goods Sold (COGS) (37:48): The video details the calculation of unadjusted and adjusted COGS, incorporating COGM, finished goods inventory, and unapplied/overapplied manufacturing overhead.