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MIDTERM REVIEW

# MIDTERM REVIEW - Accountability Beg Inventory \$5,000 To...

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MIDTERM REVIEW Sunday, February 20, 2011 4:56 PM Come close to 9:00 AM 30 Multiple Choice Questions, need to know PID and Section Number Can take exam home Bring own scratch paper Little more Chapter 11, little less Ch 4 and 10 Difference Btwn Weighted Avg and FIFO Based purely on beginning inventory Example: Weighted Average UNITS Beg Inv 1000 (100% M, 40% CC) +Started 20,000 To Acct For: 21,000 Completed 18,000 +Ending Inv 3000 (100% M, 70% CC) To Acct For 21,000 \$63,000/21,000 = \$3.00 a unit \$107,000/20,100 = \$5.32 a unit = \$8.32/unit Accountability: Completed 18,000 x \$8.32 = \$149,760 End Inv: M: 3,000 x \$3 = \$9,000 CC: 2,100 x \$5.32 = \$11,178 Rounding Error: \$8 \$170,000 FIFO Beg Inv 1000 (100% M, 40% CC) +Started 20,000 To Acct For: 21,000 To Complete Beg 1,000

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+Started/Completed 17,000 +End Inv 3,000 (100% M, 70% CC) To Acct For: 21,000 M CC Total Beg Inv. X X \$5,000 Current Costs \$60,000 \$105,000 \$165,000 \$170,000 \$60,000/20,000 = \$3.00 \$105,000/19,700 = \$5.329955 = \$8.329995 a unit
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Unformatted text preview: Accountability: Beg Inventory: \$5,000 To Complete Beg: 600 x \$5.32995 = \$3,198 Started and Completed: 17,000 x\$ 8.32995 = 141,609 Ending Inventory: M: 3,000 x \$3 = \$9,000.00 CC: 2100 x \$5.32995 = \$11,193 Total = \$170,000 Actual FBAI (flexible budge actual input) FBAO (flexible budget actual output) Std or Applied Overhead Actual FBAI FBAO Std/Applied Variable SH x SR = AU x SVOHDC/unit SH x SR = AU x SVOHDC/unit Flexible Budget = BH x SR = BU x SFOHDC/unit SH x SR = AU x SFOHDC/unit Total Controllable/Flexible Budget Variance Volume Denominator/Capacity X M CC Total Beg Inv \$3,000 \$2,000 \$5,000 Current Costs \$60,000 \$105,000 \$165,000 \$63,000 \$107,000 \$170,000 o Wtd Avg: Total work done to date o FIFO: current work done only M CC 18,000 18,000 3000 2,100 Eq Units: 21,000 Eq Units: 20,100 M CC 600 (60% of 1,000) 17,000 17,000 3,000 2,100 EQ UNITS: 20,000 19,700 Volume Denominator Capacity...
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