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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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