Principles of managerial accounting final review Exam Question & Answers 2025.docx

Principles of managerial accounting
final review Exam Question & Answers
2025
prime cost - CORRECT ANSWERS ✔✔DM+DL


Conversion cost - CORRECT ANSWERS ✔✔DL+OH


DM used - CORRECT ANSWERS ✔✔Beginning raw materials +
purchases of raw materials - ending raw materials


Total manufacturing cost - CORRECT ANSWERS ✔✔DM used + DL +
OH applied


Cost of goods manufactured - CORRECT ANSWERS ✔✔Total manuf.
cost + Beg. work in process inventory - ending work in process
inventory


cost of goods sold - CORRECT ANSWERS ✔✔cost of goods
manufactured + beginning finished goods inventory- ending finished
goods inventory


product costs - CORRECT ANSWERS ✔✔DM used, DL and OH
applied

, Principles of managerial accounting
final review Exam Question & Answers
2025
period costs - CORRECT ANSWERS ✔✔selling, general, and
administrative costs


fixed costs - CORRECT ANSWERS ✔✔depreciation, insurance,
property tax, rent


variable costs - CORRECT ANSWERS ✔✔DM, DL, shipping costs,
sales commissions


actual OH costs - CORRECT ANSWERS ✔✔how much overhead we
are spending
actual>applied, under applied OH (on the debit side of a t table)


applied/ allocated OH - CORRECT ANSWERS ✔✔the companies best
estimate for costs
actual<applied, over applied OH (on the credit side of a t table)


predetermined overhead rate - CORRECT ANSWERS ✔✔estimated
yearly overhead costs/ estimated yearly activity base


manufacturing overhead allocated - CORRECT ANSWERS
✔✔predetermined overhead rate x actual machine hours