ACCT 2302 Exam 3
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1
When Closing Overapplied MOH to COGS, Which Would be True?
gross margin will increase
2
Total Manufacturing Cost for Month
Beg Raw Mats Inv
Add Purchase of Raw Mats
Total Raw Mats
Deduct End Raw Mats Inv
Raw Mats Used In Production
Deduct Indirect Mats in MOH
Direct Labor
MOH Applied to WIP
Total Manuf. Costs
Add Purchase of Raw Mats
Total Raw Mats
Deduct End Raw Mats Inv
Raw Mats Used In Production
Deduct Indirect Mats in MOH
Direct Labor
MOH Applied to WIP
Total Manuf. Costs
3
CM Ratio w/ a Single Product
CM Ratio x Selling Price Per Unit = CM Per Unit
4
Cost Included in Product Costs under Absorption and Variable Costing
variable manufacturing costs
5
ABC Costing System Does Not Conform to US GAAP Why?
under ABC costing, some manufcatring costs wil not be assigned to products
6
Master Budget Order
1) Sales Budget
2) Production or SGA
3) End Inv, Direct Mats, Direct Labor, MOH, or Cash
4) Budgeted Income Statement or Budgeted Balance Sheet
2) Production or SGA
3) End Inv, Direct Mats, Direct Labor, MOH, or Cash
4) Budgeted Income Statement or Budgeted Balance Sheet
7
Unit Amount Plan on Producing
Budgeted Unit Sales
Add Desired End Finish Goods Inv
Total Needs
Less Beg Finish Goods Inv
Required Prod in Units
Add Desired End Finish Goods Inv
Total Needs
Less Beg Finish Goods Inv
Required Prod in Units
8
In Flexible Budget, Decrease in Activity in Relevant Range, ...
decreases total variable costs
9
Sales Budget Format
Sales
Accts Receivable
November Sales
December Sales
Total Cash Collections
Accts Receivable
November Sales
December Sales
Total Cash Collections
10
Merchandise Purchases Budget Format
Budgeted Cost of Goods Sold
Add Desired End Merch Inv
Total Needs
Less Beg Merch Inv
Required Purchases
Cash Disbursement for Merch (Accts Pay; Req Purchases Nov)
Add Desired End Merch Inv
Total Needs
Less Beg Merch Inv
Required Purchases
Cash Disbursement for Merch (Accts Pay; Req Purchases Nov)
11
Cash Budget Format
Beg Cash Balance
Add Cash Receipts
Total Cash Available
Less Cash Disbursements
Excess (Deficiency) of Cash Available over Disbursements
Financing
End Balance
Add Cash Receipts
Total Cash Available
Less Cash Disbursements
Excess (Deficiency) of Cash Available over Disbursements
Financing
End Balance
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