C253 Managerial Accounting Questions & Answers 100% Correct!

Pre-determined overhead rate formula - ANSWERSprojected overhead costs / expected activity base applied overhead formula - ANSWERSpre-determined overhead rate x actual units of allocation based (such as direct labor hours) Under/over applied overhead rate = - ANSWERSactual MOH - applied MOH Job cost = - ANSWERSDirect materials + direct labor + applied MOH + (beg wip - ending wip) Cost of good sold = - ANSWERScost of goods manufactured + (beginning finished goods - ending finished goods) adjusted cost of goods sold = - ANSWERScost of goods manufactured + (beginning finished goods - ending finished goods) +/- under/over applied MOH Process Costing - ANSWERSA system for assigning costs to a large number of identical units that typically pass through a series of uniform production steps. Costs are averaged over the units produced such that each unit bears the same unit cost. Weighted Average Method - ANSWERSa process costing method that blends together units and costs from both the current and prior periods Weighed average units transferred = - ANSWERSbeginning units + units started - ending WIP Weighted average equivalent units for materials = - ANSWERS(units transferred * 100%) +(end WIP * completion %) Weighted average equivalent units for conversion = - ANSWERS(Units transferred * 100% ) (end WIP * completion %) Cost / equivalent unit for materials = - ANSWERS(Beg WIP $ + Current cost$)/ Equivalent units for materials. Cost/equivalent unit for conversion = - ANSWERS(Beg WIP$+Current cost$) / Equivalent units for conversion Cost assigned to units transferred = - ANSWERS(units transferred * cost/eq units for materials) + (units transferred * cost /eq unit for conversion) Cost assigned to ending WIP = - ANSWERS(End WIP eq units for materials * cost /eq unit for materials ) + (end WIP eq units for conversion * cost/eq unit for conversion) Variable absorption costing = - ANSWERSdirect material + direct labor + variable MOH absorption costing product cost = - ANSWERSdirect material + direct labor + variable MOH + fixed MOH Difference in net income between variable an absorption costing - ANSWERS= ending inventory * fixed MOH/unit. Material price variance formula - ANSWERS(AP - SP) x AQ Material quantity variance formula - ANSWERS(AQ -SQ) x SP A labor variance is a difference between - ANSWERSscheduled hours and actual hours worked labor variance formula - ANSWERSAH(AR-SR)