ACCT 3310 - Exam 2 | Questions and Answers | 2026 Updated | 100% Correct.

ACCT 3310 - Exam 2 | Questions and Answers | 2026 Updated | 100%
Correct.




Ending FG Formula - (answer)Ending FG = Beginning FG + COGM - COGS



Ending Materials Formula - (answer)Ending Materials = Beginning Materials + purchases - Materials used



Ending WIP Formula - (answer)Ending WIP = Beginning WIP + DM used + DL + applied OH - COGM



LEV Formula - (answer)LEV = (AH - SH)SR



LRV Formula - (answer)LRV = (AR - SR)SH



MPV Formula - (answer)MPV = (AP - SP)AQ



MUV Formula - (answer)MUV = (AQ - SQ)SP



Manufacturing Firms - (answer)Combine direct materials, direct labor, and overhead to produce tangible
products that can be inventoried and transported.



Service Firms - (answer)Provide intangible services that are generally not separable from the customer
and cannot be inventoried.



Job-Order Costing - (answer)Used for unique units with unique costs of production (e.g., custom
furniture, legal services).



Process-Costing - (answer)Used for homogeneous, mass-produced units (e.g., soda bottling).



Cost Accumulation - (answer)The recognition and recording of costs as they occur, often tracked via
source documents.