ACCT 2102 UGA, Amanda Farmer, Exam 1 Questions With Complete Solutions

ACCT 2102 UGA, Amanda Farmer, Exam 1 Questions With
Complete Solutions

Activity Based Costing (ABC) Can Also Use Correct Answers
Number of Setups and Number of Moves

Actual MOH Correct Answers Sacrifices Accuracy For
Timeliness

Allocating MOH Correct Answers MOH Allocated to a Cost
Object = POHR x Actual Amount of Allocation Base Used by
Cost Object

MOH is allocated during the year

Everytime MOH is allocated, WIP increases

At the End of the Period Correct Answers Close Out MOH; In
other words, make the balance go to zero

COGM is an Account Correct Answers False

COGS (Manufacturer Calculations)
1. Analyze Inventory

2. Unit Product Cost Correct Answers 1.
Beginning Raw Materials (RM) + Purchase - Use = Ending RM
Beginning Work in Process (WIP) + (DM + DL + MOH) - Cost
of Goods Manufactured (COGM) = Ending WIP
Beginning Finished Goods (FG) + COGM - COGS = Ending FG

, 2. Unit Product Cost

COGS (Merchandiser Calculations)

1. Analyze Merchandiser Inventory

2. Unit Product Cost Correct Answers 1. Beginning Inventory
+ Purchases - COGS = Ending Inventory

2. Unit Product Cost x Units Sold = COGS

Completion of a Unit Correct Answers Does NOT Mean it's
Been Sold

Conversion Costs Correct Answers DL + MOH

Cost (Manufacturer Example)
1. Material Purchased From Suppliers
2. Wages Paid to Factory Supervisors
3. Shipping Paid on Material Purchased From Suppliers
4. Rent Paid on Manufacturing Facility
5. Salary Paid to Company CEO
6. Utilities Paid on Administrative Offices
7. Shipping Paid to Ship Product to Customers Correct Answers
Product or Period; DM, DL, or MOH
1. Product; DM, MOH
2. Product; MOH
3. Product; DM, MOH
4. Product; MOH
5. Period; N/A
6. Period; -