1. Which of the following is true?
a. If the overhead variance shows overapplied overhead, then that amount would be subtracted from normal cost of
b. The adjusted cost of goods sold is equal to normal cost of goods sold plus or minus the over
Chapter 17 Process Costing
Process Costing is used whenever relatively similar products pass through a series of processes
and receive similar amounts of manufacturing costs (ex. Oil refinery producing heating oil,
gasoline, greases etc.)
Types of process
Companies can be divided in two groups depending on whether their products are unique .
1. The ones who have distinguished/unique products/services require a job order
accounting system (eg. Custom made stuff). The key feature of job-
Enter the appropriate amount or formula in the shaded cells.
An asterisk (*) will appear in the column to the right of an incorrect amount.
Sales Budget (Schedule 1)
For the Quarter Ended March 31, 20XX
Cost-volume-profit (CVP) analysis estimates how change in costs, sales
volume and price affect companys profit.
CVP is used to determine companys break even point.
Break-even point is the point where total revenue equals total cost (0 profit)
ACC 216: Managerial Accounting
TTh 8:00-9:15AM and 9:30-10:45
James T. LePage, Ph.D., CPA (Adjunct)
(573) 694-5500 (Cell) (573) 634-9122 (Office) (No home)
One half hour b
ACC 216 EXAM 1 STUDY GUIDE
Exam will consist of 2 parts, Part 1: 25 mc in class Monday, Part 2: 1 short answer and 6
problems. The exam covers chapters 13-16.
Understand all the terms introduced in this chapter (prime vs. conversion, product vs
ACC 216 EXAM 3STUDY GUIDE
Exam will consist of 6-7 problems, and 1-2 other format/essay type question. The exam covers chapters 2224. I will provide you with a formula sheet and present value tables.
All the problems we covered in class are goo
ACC 216 Exam 2 Study Guide
Exam Content: Chapter 17-20 (no appendices)
Exam format: 1 short answer, 10 mc, and 6 problems
Date: Thursday March 29th
After studying Chapter 17, students should be able to:
1. Describe the basic characteristics and
1. Beginning work-in-process (BWIP) - consists of work done on partially completed units
that represents prior-period work with the cost assigned to them being prior-period costs.
Uses two approaches for dealing with the prior-period output and costs foun