Exam #2 Information Sheet f13 - ACC-330 Exam 2 Information...

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ACC-330 Exam 2 Information Sheet Exam is Wednesday October 30 during Class Chapter 17 - Process Costing Explain the difference between Job Costing and Process Costing. Know which businesses would use Process Costing. Describe the five steps in process costing Be able to assign departmental costs to Ending WIP and Goods Transferred Out (or, COGM) using both the Weighted Average and FIFO methods. Calculate equivalent units and cost per equivalent unit for direct materials, conversion costs and transferred in costs. Explain differences between FIFO and Weighted Average methods. Chapter 6 - Budgeting Understand the importance and uses of budgets. Know the steps for preparing an operating budget. Be able to prepare: Revenues budget Production budget Direct Materials usage and purchases budget (know the difference between these budgets) Direct Labor budget Overhead budget using a plantwide rate or under ABC Ending inventories budgets
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