ACCT-2020 Study Guide - Spring 2018, Comprehensive Midterm Notes - Amplitude Modulation, Vertical Integration, Sunk Costs
12 Oct 2018
School
Department
Course
Professor
ACCT-2020
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Audio 1
Audio recording started: 11:18 AM Wednesday, January 24, 2018
COGM = Total Manufacturing costs
+ BWIP (Beginning work in process inventory)
-EWIP (Ending work in process inventory)
COGS = BFG (Beginning finished goods inventory) + COGM (Cost of goods
manufactured) - EFG (Ending finished goods inventory)
OH Disposition:
Actual OverHead > Applied OverHead, then UNDER applied (ADD TO COGS)
1.
Actual OverHead < Applied Overhead, then OVER applied (DECREASE COGS)
2.
Q6 in Connect
P20 In Textbook
Fix OH 1.275 m
1.
+ Var OH 255k (85k x $3)
= 1,530,000 annual Budget OH
= 1,530,000 Budget OH / 85k = $18/ computer hours
a.
Chapter 4 Finishing up
Wednesday, January 24, 2018
11:09 AM
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Actual OH : 1.35 m
2.
Applied: 60k (acutal hours) x $18 (POH rate) = 1.08 m
So applies is UNDER the actual.
Therefore ADD expense via COGS
Unadjusted COGS 2.8 m + 270k = 3.070m
Pg 135. Exhibit 12
3.
4.
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Document Summary
Audio recording started: 11:18 am wednesday, january 24, 2018. Cogs = bfg (beginning finished goods inventory) + cogm (cost of goods manufactured) - efg (ending finished goods inventory) Actual overhead > applied overhead, then under applied (add to cogs) Actual overhead < applied overhead, then over applied (decrease cogs) = 1,530,000 budget oh / 85k = / computer hours a. Applied: 60k (acutal hours) x (poh rate) = 1. 08 m. Unadjusted cogs 2. 8 m + 270k = 3. 070m. Audio recording started: 11:21 am monday, february 12, 2018. Make sure you know the difference between sales and produced. Absorption costing - a costing method that includes all manufacturing costs direct materials, direct labor, and both variable and fixed manufacturing overhead in unit product costs. (p. 171) Common fixed cost - a fixed cost that supports more than one business segment, but is not traceable in whole or in part to any one of the business segments. (p. 181)
