Homework Chapter 6
total equip unit
cost of finish
cost of ending
Professor Donna McGovern
Absorption Costing vs. Direct Costing
Cost Accounting is a process of collecting information about the cost of companys
activities, assigning selected costs to products and services, and evalua
Week 1 Lecture 1, 08/27/2012
FINANCIAL VERSUS MANAGERIAL ACCOUNTING
What are some of the differences between financial accounting and managerial accounting?
Who are the users?
Who are the pr
For the production:
Actual = AP x AQ =
Budget = SP X SQ =
Total Materials Variance(TMV) = Actual Flexible Budget = (AP X AQ) (SP X SQ) =
SP x AQ
AP x AQ
Materials Price Variance (MPV)
Chapter 7 homework
a) production budget
desired ending inv
less beg inv
b) DL budget
units needed in production
Direct hour per unit
Total direct hour required
direct labor rate
Jeopardy: Chapters 19 to 21 Review
Rules of Jeopardy!
1.Just like the real Jeopardy!, you must provide the answer in
the form of a question.
2.You must answer within 5 seconds of me calling out your
group name. If more than 5 seconds elapse from
Loan Nguyen (c02264317)
Beg Inventory Purchase
Ending Inventory COGS
Valley View Manufactoring Co.
Statement of Cost of Good Manufactured
Month Ended January 31, 2013
Beg material inventory
I) CHAPTER 11
A) BOND:LT DEBT
BOND ISSUED @PREMIUM
BOND ISSUED @ DISCOUNT
ABOVE FAVE VALUE
BELOW FACE VALUE
CASH INTEREST PAID>
CASH INTEREST PAID<
NP AND BP ARE SIMI
Please make sure that you have read and the requirements of the
Though not needed, you may subject a draft version of the
assignment for my review.
For the purposes of this class, you will be creating a Master
For Year Ended December 31, Year 2
= Signifies original case assumptions.
Estimated % drop:
Estimated Additional Holiday Increase:
Standard Costing and
What is "STANDARD"?
standard is a performance benchmark
or norm used for planning and control
Standards specify the expected costs and
quantities needed to manufacture a
single unit of product or perform
1. Process costing is used in those situations where many different products or services are
produced each period to customer specifications.
2. The basic approach in job-order costing is to accumulate costs in a parti
Chapter 4 Systems Design: Process Costing
1. When materials are purchased in a process costing system, a work in process account
is debited with the cost of the materials.
Answer: False Level: Easy LO: 1
2. Any difference in the equiv
Financial and Managerial Accounting: Seven Key Differences
External persons who
make financial decisions
Managers who plan for
and control an organization
Far Eastern University-Makati
Which of the following organizations would be most likely to use a job order costing system?
a. the loan department of a bank
b. the check clearing department of a bank
c. a manufactur
1. An inventory item of XYZ Manufacturing has an average daily demand of 10 units with a maximum
daily demand of 12 units. The economic order quantity is 200 units. Without safety stocks, the reorder
point is 50 units. Safety stocks are set at 94 units.