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
