Exam1 - Study Guide - (manufacture 29 Over and...

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: Unit Variable: Total Fixed: Unit Fixed: Overhead: ng Overhead… XXXXX of Goods Sold… XXXXX d Overhead: ds Sold…. XXXXX ufacturing Overhead… XXXXX Income Statement: Product Cost Flows: Schedule of Cost of Goods Manufactured: Cost Flows: PURCHASE AND ISSUE OF RAW MATERIALS
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RECORDING OF LABOR COSTS RECORDING ACTUAL MANUFACTURING OVERHEAD APPLYING MANUFACTURING OVERHEAD TRANSFERRING COMPLETED UNITS TRANSFERRING UNITS SOLD OVERAPPLIED OVERHEAD
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POHR: Est. total manufacturing overhead cost for the coming period Est. total units in the allocation base for the coming period Application of Manufacturing Overhead: Overhead applied = POHR * Actual activity COGS in a Manufacturing Company: Beginning FG inventory + COGM = Ending FG inventory + COGS COGS = Beginning FG inventory + COGM – Ending FG inventory COGS in a Merchandising Company: Beginning merch. inv. + Purchases = Ending merch. inv. + COGS COGS = Beginning merch. inv. + Purchases - Ending merch.inv. 1) Diff. between man. & fin. accounting 15) Comp. w/ 3 lvls of inv.
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Unformatted text preview: (manufacture) 29) Over- and under-applied overhead 2) How unit var. cost behave (hor/ constant) 16) Over- and under-applied overhead 30) Opportunity costs 3) Over- and under-applied overhead 17) Total costs 31) Sunk costs, opportunity costs 4) Fixed costs 18) WiP inventory 32) How variable costs behave 5) Calc. COGS 19) D 33) Costs for manufacturing overhead 6) A 20) Different levels of inventory 34) Depreciation 7) Calc. POHR 21) Calc. POHR 35) Applying overhead to job 8) D 22) Calc. total product costs 36) Direct labor costs (which one is DL?) 9) Identify period costs 23) D 37) B 10) How much overhead to apply 24) Relevant costs (opp., sunk, etc.) 38) Conversion costs (DL & man. over.) 11) Calc. COGM (beg. & end. WiP) 25) Managerial accounting 39) C 12) What period costs are 26) Manufacturing overhead 40) Fin. & man. accounting 13) Period costs 27) Pick out fixed costs 41) About article 14) C 28) Comp. w/ process costing (paint)...
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This note was uploaded on 08/30/2011 for the course ACG 2071 taught by Professor Smith during the Spring '07 term at University of Central Florida.

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Exam1 - Study Guide - (manufacture 29 Over and...

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