Business Administration 2257 Study Guide - Midterm Guide: Retained Earnings, Trial Balance, Accrual

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Jessica Bond

Document Summary

= pdl + prm+ pfoh pdl/ prm is given , pfoh = partial proxy/ total proxy x. After the ending balance in wip is calculated, the cost of finished goods manufactured (cofgm) can be calculated. In cases, look for the term spread evenly to help you determine the appropriate proxy to use. Opening balance for wip is found from previous years on the cost of goods manufactured exhibit years income statement previous years on the cost of goods manufactured exhibit accounts. Opening balance for raw materials is found from. Specific identification: value everything at their market price. Average weighted cost: cofgas/uafs(units left + units sold + units stolen) x e/b in units. Fifo= oldest inventory is sold first and e/b is valued at the most recent price. Salaries expense/ wip (if was used in previous cash: allocate new wages payable to wip. Everything that is not dl (including foh for salaries and for first wages payable)