{"id":802,"date":"2015-12-09T17:15:16","date_gmt":"2015-12-09T17:15:16","guid":{"rendered":"https:\/\/courses.candelalearning.com\/managacct2x1xmaster\/?post_type=chapter&#038;p=802"},"modified":"2016-01-01T15:06:51","modified_gmt":"2016-01-01T15:06:51","slug":"chapter-2-study-plan","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-managacct\/chapter\/chapter-2-study-plan\/","title":{"raw":"Chapter 2 Study Plan","rendered":"Chapter 2 Study Plan"},"content":{"raw":"<h2>Study Plan: Job Costing<\/h2>\r\n<strong>Knowledge Targets<\/strong>\r\n\r\nI can define the following terms as they relate to our unit:\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><strong>Applied Overhead<\/strong><\/td>\r\n<td><strong>Goods (or work)\u00a0 in process\r\n<\/strong><\/td>\r\n<td><strong>Finished Goods<\/strong><\/td>\r\n<td><strong>Job Costing\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Allocation Base<\/strong><\/td>\r\n<td><strong>Cost driver<\/strong><\/td>\r\n<td><strong>Cost of goods sold\r\n<\/strong><\/td>\r\n<td><strong>Under-applied Overhead\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Predetermined overhead rate<\/strong><\/td>\r\n<td><strong>Cost of Goods Sold<\/strong><\/td>\r\n<td><strong>Cost of Goods Manufactured\r\n<\/strong><\/td>\r\n<td><strong>Over-applied Overhead\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Gross Margin (or Profit)<\/strong><\/td>\r\n<td><strong>Direct materials<\/strong><\/td>\r\n<td><strong>Direct Labor<\/strong><\/td>\r\n<td><strong>Actual Overhead<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n&nbsp;\r\n\r\n<strong>Reasoning Targets<\/strong>\r\n<ul>\r\n\t<li>I can identify job costs as <strong>direct materials<\/strong>, <strong>direct labor<\/strong> and <strong>overhead<\/strong>.<\/li>\r\n\t<li>I can track job costs from <strong>raw materials<\/strong> to <strong>goods in process<\/strong> to <strong>finished goods<\/strong> and <strong>cost of goods sold<\/strong>.<\/li>\r\n\t<li>I can identify accounts to use in recording the flow of job costs.<\/li>\r\n\t<li>I can identify the <strong>allocation base<\/strong> used in calculating <strong>predetermined overhead rate<\/strong>.<\/li>\r\n\t<li>I can identify the difference between <strong>actual overhead<\/strong> and <strong>applied overhead<\/strong>.<\/li>\r\n\t<li>I can determine <strong>under-<\/strong> or <strong>over-applied overhead<\/strong>.<\/li>\r\n\t<li>I can understand a manufacturing statement with <strong>cost of goods manufactured<\/strong> calculated.<\/li>\r\n\t<li><\/li>\r\n<\/ul>\r\n<strong>Skill Targets<\/strong>\r\n<ul>\r\n\t<li>I can prepare and post journal entries for <strong>job costing<\/strong> from raw materials to cost of goods sold.<\/li>\r\n\t<li>I can calculate the <strong>predetermined overhead rate<\/strong> for a company.<\/li>\r\n\t<li>I can calculate the amount of <strong>applied<\/strong> <strong>overhead<\/strong> using the <strong>predetermined overhead rate.<\/strong><\/li>\r\n\t<li>I can calculate the amount of <strong>under-<\/strong> or <strong>over-applied overhead<\/strong> using <strong>applied overhead<\/strong> and <strong>actual overhead<\/strong>.<\/li>\r\n\t<li>I can compute the total cost of a job and determine the job\u2019s <strong>gross margin<\/strong>.<\/li>\r\n\t<li>I can prepare a manufacturing statement, schedule of <strong>cost of goods sold<\/strong>, and income statement for <strong>job costing<\/strong>.<\/li>\r\n<\/ul>\r\nClick <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031451\/Job-Cost-Study-Plan.pdf\">Job Cost Study Plan<\/a>\u00a0for a printable copy.","rendered":"<h2>Study Plan: Job Costing<\/h2>\n<p><strong>Knowledge Targets<\/strong><\/p>\n<p>I can define the following terms as they relate to our unit:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Applied Overhead<\/strong><\/td>\n<td><strong>Goods (or work)\u00a0 in process<br \/>\n<\/strong><\/td>\n<td><strong>Finished Goods<\/strong><\/td>\n<td><strong>Job Costing<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Allocation Base<\/strong><\/td>\n<td><strong>Cost driver<\/strong><\/td>\n<td><strong>Cost of goods sold<br \/>\n<\/strong><\/td>\n<td><strong>Under-applied Overhead<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Predetermined overhead rate<\/strong><\/td>\n<td><strong>Cost of Goods Sold<\/strong><\/td>\n<td><strong>Cost of Goods Manufactured<br \/>\n<\/strong><\/td>\n<td><strong>Over-applied Overhead<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Gross Margin (or Profit)<\/strong><\/td>\n<td><strong>Direct materials<\/strong><\/td>\n<td><strong>Direct Labor<\/strong><\/td>\n<td><strong>Actual Overhead<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Reasoning Targets<\/strong><\/p>\n<ul>\n<li>I can identify job costs as <strong>direct materials<\/strong>, <strong>direct labor<\/strong> and <strong>overhead<\/strong>.<\/li>\n<li>I can track job costs from <strong>raw materials<\/strong> to <strong>goods in process<\/strong> to <strong>finished goods<\/strong> and <strong>cost of goods sold<\/strong>.<\/li>\n<li>I can identify accounts to use in recording the flow of job costs.<\/li>\n<li>I can identify the <strong>allocation base<\/strong> used in calculating <strong>predetermined overhead rate<\/strong>.<\/li>\n<li>I can identify the difference between <strong>actual overhead<\/strong> and <strong>applied overhead<\/strong>.<\/li>\n<li>I can determine <strong>under-<\/strong> or <strong>over-applied overhead<\/strong>.<\/li>\n<li>I can understand a manufacturing statement with <strong>cost of goods manufactured<\/strong> calculated.<\/li>\n<li><\/li>\n<\/ul>\n<p><strong>Skill Targets<\/strong><\/p>\n<ul>\n<li>I can prepare and post journal entries for <strong>job costing<\/strong> from raw materials to cost of goods sold.<\/li>\n<li>I can calculate the <strong>predetermined overhead rate<\/strong> for a company.<\/li>\n<li>I can calculate the amount of <strong>applied<\/strong> <strong>overhead<\/strong> using the <strong>predetermined overhead rate.<\/strong><\/li>\n<li>I can calculate the amount of <strong>under-<\/strong> or <strong>over-applied overhead<\/strong> using <strong>applied overhead<\/strong> and <strong>actual overhead<\/strong>.<\/li>\n<li>I can compute the total cost of a job and determine the job\u2019s <strong>gross margin<\/strong>.<\/li>\n<li>I can prepare a manufacturing statement, schedule of <strong>cost of goods sold<\/strong>, and income statement for <strong>job costing<\/strong>.<\/li>\n<\/ul>\n<p>Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031451\/Job-Cost-Study-Plan.pdf\">Job Cost Study Plan<\/a>\u00a0for a printable copy.<\/p>\n","protected":false},"author":1195,"menu_order":1,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-802","chapter","type-chapter","status-publish","hentry"],"part":25,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/users\/1195"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/802\/revisions"}],"predecessor-version":[{"id":980,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/802\/revisions\/980"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/parts\/25"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/802\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/media?parent=802"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapter-type?post=802"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/contributor?post=802"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/license?post=802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}