Total Chapters Coming for the Final- 12
Priority
Chapter 3
Chapter 2
Chapter 4
Chapter 5
^^ Easier chapters- easier marks to get
Production Formula
Actual Cost
Total Budget Varieance
Price ( rate ) Variance
Usage ( efficiency ) Variance
Chapter 7
Activity Rate
Assigned Cost
Consumption Ratio
Unit Cost (ABC)
Chapter 9
Production Budget
Direct Materials Needed
Direct Labour Cost
Cash Budget Ending Balance
Chapter 10
Materials Price Varience
Materials Usage Varience
Labour Rate Varience
Labour Efficiency Varience
Chapter 11
Flexible Budget Formula
VOH Spending Varience
VOH Efficiency Varience
Fixed OH Volume Varience
,g for the Final- 12
sier marks to get
Sales+ Desired Ending Finished Goods- Begining Finished Goods
Purchases= Needed for Production + Ending Inventory wanted - Begining Inventory
Actual Price per unit * Actual Quantity of input used
Actual Cost- Planned Cost
Actual Price- Standard Price * Actual Quantity
(Actual quantity- Standard Quantity) * Standard Prices
Activity-Based Costing
Activity Cost (divide) Total Activity Driver
Activity Rate x Actual Activity Usage
Activity Usage by Product (divide) Total Usage
(Prime Cost + Allocated Overhead) divide by Units
Budgeting and Master Budget
Units to Produce= Expected Sales + Desired Eng FG - Beginning FG
Units to Produce x DM per unit
(Units to Produce x DL Hours per Unit) x Wage
Beginning Cash + Cash Receipts - Payments + Borrowing- Repayments
Standard Costing and Variences
(AP - SP) x AQ
(AQ - SQ) x SP
(AR - SR) x AH
(AH - SH) x SR
Flexible Budgers and OVerhead Variences
(Variable Cost Per Unit x Activity Units) + Fixed Costs
(AVOR - SVOR) x AH
(AH - SH) x SVOR
Buggeted FOH - Applied FOH
,Palmer Co. had the following beginning and ending inventory balances for the year ended December 31:
January 1 ###
Materials CA$10,000 CA$8,000
Work in Process CA$18,000 CA$17,000
Finished Goods CA$21,000 CA$16,500
In addition, direct labour costs of $30,000 were incurred, overhead equalled $42,000, materials purchased were $2
Palmer Co. sold 25,000 units of profuct during the year at a sales price of $5.00 per unit.
Required
1- What is the cost of materials used during the year?
Formula
Purchases- Ending Materials = Materials Used
Purchases CA$27,000
Begining Materials CA$10,000
Ending materials CA$8,000
CA$29,000 Cost of Materials Used
2-What is the cost of goods manufactured during the year?
Direct Labour + Manufacturing Overhead= Total Manufacturing Costs
Beg WIP- Ending WIP= COGM
Materials Used 29,000
Direct Labour 30,000
Overhead 42,000
Total Manufacturing Costs 101,000
Beg WIP 18000
Ending WIP 17000
COGM 102,000
3- What is the cost of goods sold during the year?
COGM- Ending Finished Goods
, Beg Finished Goods 21000
COGM 102000
Ending Finished Goods 16500
Cost of Goods Sold 106500
Priority
Chapter 3
Chapter 2
Chapter 4
Chapter 5
^^ Easier chapters- easier marks to get
Production Formula
Actual Cost
Total Budget Varieance
Price ( rate ) Variance
Usage ( efficiency ) Variance
Chapter 7
Activity Rate
Assigned Cost
Consumption Ratio
Unit Cost (ABC)
Chapter 9
Production Budget
Direct Materials Needed
Direct Labour Cost
Cash Budget Ending Balance
Chapter 10
Materials Price Varience
Materials Usage Varience
Labour Rate Varience
Labour Efficiency Varience
Chapter 11
Flexible Budget Formula
VOH Spending Varience
VOH Efficiency Varience
Fixed OH Volume Varience
,g for the Final- 12
sier marks to get
Sales+ Desired Ending Finished Goods- Begining Finished Goods
Purchases= Needed for Production + Ending Inventory wanted - Begining Inventory
Actual Price per unit * Actual Quantity of input used
Actual Cost- Planned Cost
Actual Price- Standard Price * Actual Quantity
(Actual quantity- Standard Quantity) * Standard Prices
Activity-Based Costing
Activity Cost (divide) Total Activity Driver
Activity Rate x Actual Activity Usage
Activity Usage by Product (divide) Total Usage
(Prime Cost + Allocated Overhead) divide by Units
Budgeting and Master Budget
Units to Produce= Expected Sales + Desired Eng FG - Beginning FG
Units to Produce x DM per unit
(Units to Produce x DL Hours per Unit) x Wage
Beginning Cash + Cash Receipts - Payments + Borrowing- Repayments
Standard Costing and Variences
(AP - SP) x AQ
(AQ - SQ) x SP
(AR - SR) x AH
(AH - SH) x SR
Flexible Budgers and OVerhead Variences
(Variable Cost Per Unit x Activity Units) + Fixed Costs
(AVOR - SVOR) x AH
(AH - SH) x SVOR
Buggeted FOH - Applied FOH
,Palmer Co. had the following beginning and ending inventory balances for the year ended December 31:
January 1 ###
Materials CA$10,000 CA$8,000
Work in Process CA$18,000 CA$17,000
Finished Goods CA$21,000 CA$16,500
In addition, direct labour costs of $30,000 were incurred, overhead equalled $42,000, materials purchased were $2
Palmer Co. sold 25,000 units of profuct during the year at a sales price of $5.00 per unit.
Required
1- What is the cost of materials used during the year?
Formula
Purchases- Ending Materials = Materials Used
Purchases CA$27,000
Begining Materials CA$10,000
Ending materials CA$8,000
CA$29,000 Cost of Materials Used
2-What is the cost of goods manufactured during the year?
Direct Labour + Manufacturing Overhead= Total Manufacturing Costs
Beg WIP- Ending WIP= COGM
Materials Used 29,000
Direct Labour 30,000
Overhead 42,000
Total Manufacturing Costs 101,000
Beg WIP 18000
Ending WIP 17000
COGM 102,000
3- What is the cost of goods sold during the year?
COGM- Ending Finished Goods
, Beg Finished Goods 21000
COGM 102000
Ending Finished Goods 16500
Cost of Goods Sold 106500
