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Managerial ACcounting 1. List out three categories of manufacturing costs: outline the cost of goods manufactured schedule:

Managerial ACcounting


1.     List out three categories of manufacturing costs:

 

 


2.     outline the cost of goods manufactured schedule:

 

 

 

3.     Describe the three categories of inventory in a manufacturing company (p 15):

 

 

 

4.     Show the formula to compute predetermined overhead rate

 

 

 

5.     Outline the following journal entries: (Ch 2)

a.     Purchase of raw materials

Raw materials              XXX

        A/P                   XXX

 

 

b.     Incur direct labor and related taxes.

 

 

 

c.     Incur manufacturing overhead, including prepaid insurance, repairs, and depreciation expense.

 

 

d.     Assign raw materials (both direct and indirect) to Job 123

 

 

 

e.     Assign factory labor costs (both direct and indirect) to Job 123

 

 

 

f.      Assign overhead costs to Job 123

 

 

 

g.     Move Job 123 to Finished Goods Inventory

 

 

 

h.     Record the entry to sell job 123

 

 

 

i.      Show the journal entry for both over and under applied overhead

 

 

 

 

6.     Describe the production cost report

a.     Physical flow

b.     Equivalent units

c.     Costs

d.     Reconciliation

 

 

7.     Describe the steps involved in activity-based costing

 

 

 

 

8.     Describe the activity-based overhead rate

 

 

 

 

9.     Describe the benefits and limitations of Activity based costing

 

 

 

 

10.  Write out the high-low method and how you can use this method to determine variable costs and fixed costs:

 

 

 

 

11.  Demonstrate how to compute break-even and target profit  for both units & sales dollars:

 

 

 

 

12.  Compute Contribution margin per unit of limited resources

 

 

 

 

13.  Demonstrate how to determine:

a.     Whether to accept an order at a special price

 

 

 

 

b.     Make or buy components

 

 

 

c.     Repair, retain, or replace equipment

 

 

 

14.  How do you compute the following budgets?

 

a.     Production

 

 

 

b.     Direct Labor

 

 

 

c.     Cash Budget - including cash receipts and disbursements

 

 

 

15.  What I the difference between a static and flexible budget

 

 

 

 

16.  How do you compute ROI (Return on Investment)

 

 

 

 

17.  How do you compute materials price and quantity variances?

 

 

 

 

18.  How do you compute labor price and quantity variances?

 

 

 

 

19.  How do you compute overhead controllable variance

 

 

 

20.  How do you compute overhead volume variance

 

 

 

21.  How do you compute the cash payback period for equal cash flows

 

 

 

22.  How do you compute net present value

 

 

 

23.  How do you compute profitability index for mutually exclusive projects

 

 

 

24.  How do you compute IRR (Internal rate of return)

 

 

 

25.  How do you compute the annual rate of return

 

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