ACCT 2302 Exam 1 Formulas – questions with answers

ACCT 2302 Exam 1 Formulas – |\ |\ |\ |\ |\ |\




questions with answers |\ |\




Manufacturing costs incurred formula (also total product |\ |\ |\ |\ |\ |\ |\



costs) - CORRECT ANSWERS ✔✔DM+DL+MOH
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Cost of Goods Manufactured (CGM) - CORRECT ANSWERS
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✔✔(Beginning Work in Process Inventory + Manufacturing |\ |\ |\ |\ |\ |\



Costs Incurred) - Ending Work in Process Inventory
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Conversion Cost - CORRECT ANSWERS ✔✔Direct Labor +
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Manufacturing Overhead |\




Prime costs - CORRECT ANSWERS ✔✔DM + DL
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Operating income equation (mftg and merch.) - CORRECT
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ANSWERS ✔✔1.Rev/sales-COGS = Gross profit |\ |\ |\ |\




2. Gross Profit-Operating expenses (period costs)
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COGS (Merchandising) - CORRECT ANSWERS
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✔✔(Beginning merchandise inventory + purchases and |\ |\ |\ |\ |\ |\



freight in) -ending merchandise inventory
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, COGS (manufacturing) - CORRECT ANSWERS ✔✔1. beg.
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finished goods inv. + COGM = COGAS |\ |\ |\ |\ |\ |\




2. COGAS - Ending finished goods inv.
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DM used calculation - CORRECT ANSWERS ✔✔1. Beg. raw
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material inv. + purchase of raw materials= Cost of raw
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material available for use |\ |\ |\




2. Cost of raw material - ending RM inv.
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Total MOH - CORRECT ANSWERS ✔✔IM + IL + other MOH
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Variable costs / unit - CORRECT ANSWERS ✔✔Total VC / #
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of units
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Fixed costs / unit - CORRECT ANSWERS ✔✔Total FC / # of
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units


Average costs (AC) - CORRECT ANSWERS ✔✔total costs /
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# of units
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Total costs formula - CORRECT ANSWERS ✔✔fixed costs +
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variable costs
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