ACC 241 (questions and answers) A+
passed
Total inventoriable product cost - correct answer ✔✔ DM + DL + MOH
Total prime cost - correct answer ✔✔ DM + DL
Total conversion cost - correct answer ✔✔ MOH + DL
Total MOH costs - correct answer ✔✔ Indirect materials + indirect labor + other MOH
Calculation of Direct Materials Used - correct answer ✔✔ Beginning RM inventory + purchases
of DM = Materials available for use - Ending RM inventory = DM used
Calculation of Cost of Goods Manufactured - correct answer ✔✔ Beginning WIP inventory + DM
used + DL + MOH = Total manufacturing costs to account for - Ending WIP inventory = COGM
Calculation of COGS - correct answer ✔✔ Beginning FG inventory + COGM = COG available for
sale - Ending FG inventory = COGS
Income Statement - correct answer ✔✔ SR - COGS = Gross Profit - Operating expenses - General
& administrative expenses - marketing expenses = operating income
Predetermined manufacturing overhead rate - correct answer ✔✔ Estimated manufacturing
overhead costs / Estimated direct labor cost
passed
Total inventoriable product cost - correct answer ✔✔ DM + DL + MOH
Total prime cost - correct answer ✔✔ DM + DL
Total conversion cost - correct answer ✔✔ MOH + DL
Total MOH costs - correct answer ✔✔ Indirect materials + indirect labor + other MOH
Calculation of Direct Materials Used - correct answer ✔✔ Beginning RM inventory + purchases
of DM = Materials available for use - Ending RM inventory = DM used
Calculation of Cost of Goods Manufactured - correct answer ✔✔ Beginning WIP inventory + DM
used + DL + MOH = Total manufacturing costs to account for - Ending WIP inventory = COGM
Calculation of COGS - correct answer ✔✔ Beginning FG inventory + COGM = COG available for
sale - Ending FG inventory = COGS
Income Statement - correct answer ✔✔ SR - COGS = Gross Profit - Operating expenses - General
& administrative expenses - marketing expenses = operating income
Predetermined manufacturing overhead rate - correct answer ✔✔ Estimated manufacturing
overhead costs / Estimated direct labor cost
