Acc 241 exam 1 QAS 100% SOLVED!!

Acc 241 exam 1 QAS 100% SOLVED!!
Finished Goods Beginning Inventory - ANSWERSCost of Goods Sold + Finished Goods
Inventory (ending) - Cost of Goods manufactured

Cost of Goods Sold (Manufacturer) - ANSWERSBI+COGMS-EFI

+ Beginning finished goods inventory
+ Cost of goods manufactured
= Cost of goods available for sale
- Ending finished goods inventory
= Cost of goods sold

Cost of Goods manufactured (manufacturer) - ANSWERSbi + mfg costs-ending work in
process invetory


+ Beginning work in process inventory
+ Direct materials used
+ Direct labor
+ Manufacturing overhead
= Total manufacturing costs to account for
- Ending work in process inventory
= Cost of goods manufactured

Product Costs/Manufacturing Costs - ANSWERSCosts associated with making the
products available and ready to sell.
Included as part of inventory (balance sheet) until the product is sold.

Then expensed on income statement as cost of goods sold.

unit level - ANSWERSactivities are performed for each individual unit (installing
materials, assembly labor)

batch level - ANSWERSactivities are performed for a group of units all at once (setting
up machines)

product level - ANSWERSactivities are performed to support a general product line, not
specific units or batches. (product enhancement)

facility level - ANSWERSor company wide activities are performed for the company
overall and do not relate to specific products, customers, batches, or units (building
maintenance, rent)