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
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
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?
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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