Accounting Test 2

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

What is a good activity measure for for allocating Product level costs

# of parts, # of engineering hours

What is a good activity measure for for allocating Batch level costs

# of parts, or # of engineering hours

The formula for the cost per equivalent unit using the weighted average method is ______

(Cost of beginning work in process inventory - Cost added during the period) / Equivalent unites of production

Units in beginning WIP + units started or transferred in =

Units in ending WIP + units completed and transferred out

What are cost pools used for

choosing an appropriate activity measure for allocating overhead

The equivalent units of production computed under the weighted-average method takes into account the percentage completed of the beginning inventory.

False

True or false: Traditional cost systems tend to undercost standard products and overcost specialty products

False

Cost reconciliation report

Look this up later

How to Calculate Cost per equivalent unit

Look this up later

What are the manufacturing accounts for Job-order and process costing

Manufacturing Overhead, Raw Materials, Work in Process, and Finished goods

What drives Facility level costs

Must be carried out no matter the products that are produced

What are equivalent units in productin used for

Partially completed united that are still in WIP in order to find Unit product cost per department

The weighted-average method includes cost for ______

Prior and current periods

Measures of activity in the denominator (# of machine setups, or # of inspetions, ...) =

Activity Measures

Answer to formulas ("mini POHRs") =

Activity Rates

What are the three types of costing

Activity-Based, Job-Order, Process

What is Activity-Based costing

Attempts to assign overhead cost more accurately based by diving overhead into cost pools

How to calculate Units completed and transferred out

Beginning WIP + Added into WIP - Ending WIP

When computing the equivalent units of production under the weighted-average method, partially completed _______ inventory is ignored

Beginning work in process

How is unit product cost computed in Job-Order costing

(Total cost of a job / # of units in a job)

How is unit product cost computed in Process costing

(total department cost / units produced in department)

Equivalent units of production under the weighted-average method equal ______

Equivalent units in ending work in process plus units transferred out

Cost per equivalent unit are used to value _____

Both units in ending inventory and units transferred to the next department

What is process costing good for

Companies that continually manufacture many unites of a type of product

What is Job-Order costing good for

Companies that manufacture many different products each period

Equivalent units of production =

Completed and transferred out + Equivalent Unites in End WIP

What is a good activity measure for for allocating Unit level costs

Direct Labor Hours, or Machine Hours

How do you calculate Activity rate in activity-based costing

Dividing the total cost of each activity by it's total cost driver

What drives Product level costs

The nature or complexity of the product

What drives Batch level costs

The number of batches

What drives unit level costs

The number of units produced

What is a good activity measure for for allocating Facility level costs

They are arbitrarily allocated using some method like DLH or MH

What are the 4 cost pools

Unit, Batch, Product, and Facility

A product requires processing in two departments, A and B. Products start in Dept. A. Costs transferred out of Dept. A will be transferred to _____

Work in Process - Dept. B


Set pelajaran terkait

Lección 8 Contextos: ¿Qué es?

View Set

Chapter 62: Care of Patients with Pituitary and Adrenal Gland Problems

View Set