Cheat sheet - 1 A chapter 3 problem with fill in the...

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1. A chapter 3 problem with “fill in the unknowns”. Most like 3-53 (solution attached to this document). 2. Overhead application and proration of over- or under-applied overhead. This problem is most like question 4-32 in the book (solution attached to this document). 3. Job-Order costing. This problem is most like problem 4-41 in the book (solution attached to this document). 4. Activity-based costing. This problem is most like questions 8-13 from quiz 3. 5. Cost estimation using regression and activity analysis (ABC). This question is almost EXACTLY like Peterson’s catering. 6. Cost-Volume-Profit. This is much like CVP problems covered in class (ECAT examples). 7. Cost-Volume-Profit with multiple products. You must understand how to compute break-even and target profit when the sales mix is fixed. Most like ECAT examples from class. 3-53 Cost of Goods Manufactured, Calculating Unknowns Case A 1. Direct materials used $18,000 + Direct labor 15,000 + Manufacturing overhead 20,000 =Total manufacturing costs $53,000 2. Sales $100,000 - Cost of goods sold - ? ($75,000) =Gross margin $25,000 3. Beginning finished goods $ 15,000 + Cost of goods manufactured + ? ($76,000)- Ending finished goods -16,000 =Cost of goods sold 75,000 4. Beginning work in process ? ( $30,000) + Total manufacturing costs +53,000 - Ending work in process - 7,000 =Cost of goods manufactured $76,000 5. Gross margin $25,000 - Selling and administrative expenses - ?( $15,000) = Operating income $10,000 Case B 1. Sales ? = $46,000 - Cost of Goods sold - 43,000 =Gross margin $ 3,000 2. Finished goods inventory $ 8,000 + Cost of goods manufactured +45,000 - Finished goods inventory - ? ($10,000) =Cost of goods sold $43,000 3.+ Direct labor + 9,000 + Manufacturing overhead + ? ($ 18,000) =Total manufacturing costs $35,000 4. Total manufacturing costs $35,000
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Cheat sheet - 1 A chapter 3 problem with fill in the...

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