C253 Advanced Managerial Accounting(solved).

C253 Advanced Managerial
Accounting(solved)
Job Order Cost
DM used + DL + applied MOH
PMOR
Est MOH/ Est # of units of allocation base
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Applied MOH
Actual units of allocation(activity) base * PMOR
Under/Overapplied MOH
Actual MOH-Applied MOH
COGM
Job Order Cost + Beg WIP - End WIP
Unadj COGS
Beg FG I + COGM - End FG I

, Adj COGS
Unadj COGS + Underapplied MOH or - Overapplied MOH
How to adjust immaterial amount of under/overapplied MOH?
COGS has a normal DR balance
If underapplied MOH, DR COGS, CR MOH
If overapplied MOH, DR MOH, CR COGS
What is the difference in weighted-average method vs FIFO
Weighted avg methods includes prior and current periods while FIFO
only includes the current period
How to find equivalent units of production (in WIP) using weighted
average method?
Equivalent units in ending WIP
+ units COMPLETED
Cost per equivalent unit (weighted average method)
total cost accounted for / EQUOP
Cost of ending WIP (weighted average method)
equivalent units in ending WIP * cost per equivalent unit
Cost of units completed (weighted average method)
units completed * cost per equivalent unit
total equivalent units (FIFO method)
beg. WIP units * (% INCOMPLETE)
+ ending WIP units * % complete
+ (units started - units completed)
cost per equivalent unit (FIFO method)
costs added during the current period / EUOP
costs needed to complete beg. WIP (FIFO)
beg. WIP units * % INCOMPLETE
*cost per equivalent unit
Costs of units started and completed (FIFO)
(Units started - units completed) * Cost/EUOP
How should a cost reconciliation report look under FIFO method?