WGU Advanced Managerial Accounting - C253 Questions And Answers 100% Solved!

Applied Overhead - ANSWERSpredetermined overhead rate x actual activity level Manufacturing cost - ANSWERSdirect materials + direct labor + manufacturing overhead variable manufacturing cost - ANSWERSdirect materials + direct labor + variable manufacturing overhead Variable Manufacturing Overhead - ANSWERSCosting method that includes all other variable costs associated with converting raw materials into finished goods Variable Costing - ANSWERSA costing method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in unit product costs. Difference in income between Absorbsion and Variable Costing - ANSWERSEnding inventory X Fixed overhead per Unit Units Sold - ANSWERSUnits Produced + Ending Inventory Net Cashflow - ANSWERSNet Income + Depreciation Contribution Margin - ANSWERSSales - Variable Costs Break Even Point - ANSWERSFixed costs / contribution per unit Planning Budget - ANSWERSa budget created at the beginning of the budgeting period that is valid only for the planned level of activity Flexible Budget - ANSWERSa Budget Prepared at the end of the period based on actual units sold Activity Variance - ANSWERSPlanning Budget - Flexible Budget Revenue Variance - ANSWERSActual Revenue - Flexible Budget Revenue Spending Variance - ANSWERSFlexible Budget Expense - Actual Expense Material Price Variance - ANSWERS(actual price - standard price) x actual quantity Material Quantity Variance - ANSWERS(actual quantity - standard quantity) x standard price Labor Rate Variance - ANSWERS(Actual Rate - Standard Rate) X Actual Hours