ACC 252 EXAM 1 QUESTIONS AND ANSWERS GRADED A+ 2026

ACC 252 EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2026




Fixed portion of sales representatives' compensation - ANS (fixed selling expense x units sold)
- total fixed selling expense on advertising



Contribution Format Income Statement - ANS sales - variable expenses(including COGS) =
contribution margin - fixed expenses = net operating income



Traditional Income Statement - ANS Sales Revenue

- Cost of Goods Sold

= Gross Margin

- Selling & General and Administrative Expenses

= Net Income from Operations



Bid price - ANS Total manufacturing cost x % given



Markup Price - ANS Total manufacturing cost + (Total manufacturing cost x % given)




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, Total manufacturing cost added to production= - ANS Direct materials used in production +
Direct Labor + MOH applied to WIP



Cost of Goods Manufactured= - ANS Beg WIP + Total manufacturing costs added to
production - Ending WIP



Unadjusted COGS= - ANS Beg Finished Goods inventory + COGM - Ending Finished Goods
inventory



closing underapplied MOH - ANS Debit COGS

Credit MOH



closing overapplied MOH - ANS Debit MOH

Credit COGS



Raw Materials purchased on account - ANS Debit: Raw Materials

Credit: Accounts Payable



Raw materials used in production (materials costing ______ were charged directly to jobs; the
remaining materials were indirect) - ANS Debit: WIP _______

MOH (indirect)

Credit: Raw Materials



Cost for employee services incurred as follows: Direct labor $178,000 Indirect labor $233,700
Sales commissions $23,000 Administrative salaries $48,000 (in order) - ANS Debit: WIP
178000


@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
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