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Unit 3 - Coggle Diagram
Unit 3
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Inventory Management
The accounting department has to monitor the production records and ensure that all amounts are recorded in the correct accounts.
This would include the recording of:
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direct payroll costs based on hours worked, allocated to the relevant job or production run;
an overhead allocation for each job or production run, based on labour hours or machine hours worked, depending on the nature of the production process and practices of the entity in prior years;
the transfer of accumulating costs between production stages or departments in work in progress; and
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