Accounting Exam

What would it be classified under: Period Costs, Product Costs, Manufacturing: - Property taxes on factory building - Repairs to office equipment - Factory manager's salary - Direct Labor

- M. Overhead - Period Costs - M. Overhead - Product costs

What would it be classified under: Period Costs, Product Costs, Manufacturing Overhead - depreciation on factory equipment - Repairs to office equipment - direct materials - advertising

- M. Overhead - Period Costs - product costs -period costs

What would it be classified under: Period Costs, Product Costs, Manufacturing Overhead - depreciation on delivery trucks - Factory repairs - Factory utilities - sales salaries

- Period Costs - M. Overhead - M. Overhead - Period Costs

What would it be classified under: Period Costs, Product Costs, Manufacturing - Office Supplies Used - Indirect factory labor - Indirect materials

- Period costs - M. overhead - M. overhead

What is the 1st category that you must write down in the GODS manufactured

1. Work in Process, of the date that is opposite of the fiscal year statement Ex: The Fiscal year ended in June 30, 2017 = 1st Bow: Work in process, July 1, 216 2. Final Category: Cost of Goods Manufactured

How do you find Variable Cost Per Unit?

Change in Total Costs at High vs. Low Activity Level / High minus low activity level

cash, accounts receivable, and inventory are what types of assets and what type of sheet would they be on

Current Assents/ the balance the sheet

What is always the first box that you make for the Balance Sheet

Current Assets

After finding the Direct Materials Used on the COGS Manufactured Schedule, What do you have to find?

Direct Labor and then ur Manufacturing Overhead

Total Raw Materials Available for use - Raw Materials Inventory (of what u did not use) = ?

Direct Materials Used

Direct Materials, direct labor, manufacturing overhead or period costs - Tires - Depreciation on plant - Property taxes on store - Labor costs of assembly-line workers - Factory supplies used

Direct materials manufacturing overhead period costs direct labor

Sum: Depreciation on delivery trucks sales and salaries repairs to office equipment advertising office supplies used ______________________ Period Costs= 74,690

Find Period Costs

Sum: Direct Materials Direct Labor Manufacturing overhead (179980) _______________________________ Product Supplies= 391,890

Find the Product Costs

How to you estimate the total cost if the company were to produce a certain number of units (Already have the variable cost and fixed cost)

Fixed Cost + (Variable Cost X # of Units that needs to be produced)

After you completed the COGS Manufactured Schedule, what would you do next? Balance Sheet or Income Statement

Income Statement B/c you include the COGS found in the Manufactured Schedule

Net Sales - COGS = ? What type of sheet would this equation be on

Income Statement = Gross Profit

When do you apply the manufacturing overhead: For product costs or period costs?

Product Costs: Direct Materials + Direct Labor + Manufacturing Overhead

What does the "Raw Materials Inventory" of the end for the fiscal year in the COGS Manufactured Schedule represent

Represents the materials that we did not use

What are you trying to find in the COGs Manufactured Schedule

The Cost of Goods Manufactured

How do you find Variable Cost Per Unit?

Total Cost - (Variable Cost Per Unit X Units Produced)

factory utilities Depreciation on factory equipment Indirect factory labor indirect materials factory manager's salary property taxes on factory building factory repairs _________________________ Sum them all up Manufacturing Overhead= 179,980

What would be the manufacturing overhead?

Direct Materials Used + Direct Labor + Total Manufacturing Overhead = ? What sheet would this be on

Would be on the COGS Manufactured Schedule = Total Manufacturing Costs

Direct Materials, direct labor, manufacturing overhead or period costs - Advertising expense - property on plant - delivery expense - sales commissions - salaries paid to sales clerks

period costs manufacturing overhead period costs period costs period costs