Week2PresentationManagerial_Accounting

Week2PresentationManagerial_Accounting - production for...

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Managerial Accounting Week Two Presentation David K. Buenger, CPA, CMA
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Graded Items Week 2 Discussion Area – Two Graded Discussion Areas Quiz #1 – 90 Points
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Mid-Term Exam Take a look at the Mid-Term Practice Exam! This will help you! Keep Working Hard!
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Quiz 1 Areas to Focus Please be able to calculate A) Equivalent units of production B) Cost per equivalent units C) Cost of ending work in process D) Cost of units transferred out Consider – Schedule of Cost of Goods Manufactured and Sold – pay close attention to how indirect materials are handled – and how you would handle an over or under applied manufacturing overhead on a Schedule of Cost of Goods Sold. Be prepared to differentiate companies that are either job order costing or process costing.
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Quiz 1 Items to Consider Please note the following types of items for your consideration: 1) The quiz emphasizes the weighted average method of the determination of equivalent units. 2) Be sure you are able to calculate equivalent units of
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Unformatted text preview: production for process costing. 3) The weighted average method considers the cost in beginning WIP and adds costs added during the period. Quiz 1 Items to Consider 4) Once total costs are known - use equivalent units to find cost per equivalent unit of production. 5) Be able to calculate the unit cost under job order costing. 6) Be able to record journal entry types per practice quiz. (page 100 - Exhibit 3-9) Quiz 1 Items to Consider 7) For weighted average method - expect to see a problem that asks for:(pages 148 - 152) A) Equivalent Units of Production B) Cost per Equivalent Units of Production C) Cost of Ending WIP D) Cost of units transferred to next department 8) Schedule of Cost of Goods Manufactured and Sold (Exhibit 3-11) Please note handing of indirect materials. (page 102) Quiz 1 Items to Consider 9) Allocation of underapplied overhead to WIP, Finished Goods, Cost of Goods Sold based on relative values (page 106)...
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Week2PresentationManagerial_Accounting - production for...

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