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Int. ACCT 1 - UARK – Rowe Test 2025/2026 Revised Questions with 100% Correct Answers (Graded A+)

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Int. ACCT 1 - UARK – Rowe Test 2025/2026 Revised Questions with 100% Correct Answers (Graded A+) What are the three levels of inventory? - Raw Materials, Work in Process, Finished Goods 3 kinds of product cost - DL, DM, MOH Components of MOH - indirect material, indirect labor, and other MOH Job Order Costing - Many different products are produced Process Costing - Uniform products are produced How to calculate the pre

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Int. ACCT 1 - UARK – Rowe Test
2025/2026 Revised Questions with
100% Correct Answers (Graded
A+)
What are the three levels of inventory? - Raw Materials, Work in Process, Finished Goods



3 kinds of product cost - DL, DM, MOH



Components of MOH - indirect material, indirect labor, and other MOH



Job Order Costing - Many different products are produced



Process Costing - Uniform products are produced



How to calculate the predetermined overhead rate - POHR= estimated total MOH/estimated total
allocation base



Types of allocation base (3) - direct labor hrs, direct labor dollars, machine hrs



How to calculate MOH applied - MOH applied= POHR * actual # of allocation base used



DM used - RM used-IM



contribution margin - CM= Sales- VC



COGM - COGM= WIP beginning + DM + DL + MOH applied - WIP ending



COGS - COGS= Finished Goods beginning + COGM - Finished Goods ending

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