ACG 2071 Exam 1 Formulas Questions With Complete Solutions

ACG 2071 Exam 1 Formulas Questions With Complete
Solutions

3 pillars of sustainability Correct Answers Social,
environmental, economic

Activity cost allocated Correct Answers Cost allocation rate x
actual quantity of cost allocation base

Actual cost>Allocated cost Correct Answers Underallocated or
undercosted

Allocated cost> Actual cost Correct Answers Overallocated or
overcosted
COGS is overstated

Allocated MOH (ABC) Correct Answers Activity cost
allocation rate x Actual cost allocation base

Closing overallocated account Correct Answers debit MOH
credit COGS

Closing underallocated account Correct Answers debit COGS
credit MOH

COGS Equation Correct Answers Beg inventory
+inventory purchases
=Cost of goods avail for sale
-end inven
=Cost of goods sold

, Conformance costs Correct Answers prevention and appraisal

Conversion costs Correct Answers dl+moh

Cost of Goods Manufactured (W/P inventory) Correct Answers
Beg WP inventory
+DL
+DM used
+MOH
=Total manufacturing costs to account for
-End w/p inventory
=Cost of goods manufactured

Cost of Goods Sold (F/G inventory) Correct Answers Beg FG
inventory
+Cost of goods manufactured
=Cost of goods available for sale
-f/g end inventory
=Cost of goods sold

Department overhead rate Correct Answers Total department
overhead (per department)/est. cost allocation base

Direct Materials used (R/M inventory) Correct Answers Beg
R/M inventory
+DM purchased
=Cost of goods avail for sale
-end r/m inventory
=DM used

DL Correct Answers direct labor on product manufactured