1|Page
Accounting 2220 Exam # BGSU Questions And
Answers Already Graded A+
Product vs. Period Cost - .....ANSWER ...✔✔ Product
(manufacturing): DM DL OH
-work their way through balance sheet and finally hit
income statement when item is sold *Factory/plant*
Period Cost: (Legal, HR)
Go directly to income statement *Corporate*
Cost of Goods Manufactured Statement - .....ANSWER
...✔✔ Beg. WIP+Total Manufacturing Costs
(DM,DL,OH)=Cost of WIP-Ending WIP=COG
manufactured
Cost of Goods Sold Statement (merchandiser) -
.....ANSWER ...✔✔ Beg. Inventory+COGS Purchased-
End Inventory=COGS
Cost of Goods Sold Statement (manufacturer) -
.....ANSWER ...✔✔ Beg. Inventory+COGS
manufactured-End Finished Goods Inventory
,2|Page
Cost Flow - .....ANSWER ...✔✔ RM, FL, OH->WIP-
>Finished Goods Inventory->COGS
Which parts of cost flow are on balance sheet vs on
Income statement - .....ANSWER ...✔✔ Balance sheet:
RM,FL,OH and WIP and FInished Goods Inventory
Income statement: COGS
Accumulating Costs - .....ANSWER ...✔✔ -buying
materials, buying labor, purchasing OH items
RM accumulation journal entry - .....ANSWER ...✔✔
Raw Materials Inventory
Accounts Payable or Cash
FL accumulation journal entry - .....ANSWER ...✔✔
Factory Labor
Factory wages payable
Employee payroll taxes payable
MOH accumulation journal entry - .....ANSWER ...✔✔
Manufacturing Overhead
Utilities Payable
,3|Page
Prepaid Insurance
Accounts Payable
Accumulated Depreciation
Property Tax Payable
Assigning Costs - .....ANSWER ...✔✔ How we move
M,FL, OH into WIP
RM Assigning journal entry - .....ANSWER ...✔✔ Work
in Process (for RM)
Manufacturing OH (ID materials)
Raw Materials Inventory
FL Assigning journal entry - .....ANSWER ...✔✔ Work
in Process
Manufacturing OH (ID labor)
Factory Labor
OH Assigning journal entry - .....ANSWER ...✔✔ Work
in Process
Manufacturing OH(use predetermined OH rate)
, 4|Page
Assigning WIP Journal Entry - .....ANSWER ...✔✔
Finished Goods Inventory
Work in Process
Assigning Finished Goods Inventory - .....ANSWER
...✔✔ Cash or Accounts Receivable
Sales Revenue
Cost of Goods Sold
Finished Goods Inventory
*different amounts for sale and inventory tho*
Job Cost Sheet - .....ANSWER ...✔✔ -How we track
all costs (M,L,OH) that go into a particular job
-Total WIP=total of Job Cost Sheet
-Keeps a running total of total cost of each job
-at bottom gives total cost and unit cost
Materials Requisition Slip - .....ANSWER ...✔✔ -source
document we need as proof that we're actually moving
those costs
-Proves how much material $ went into that job/ where
it is moving
-Quantity, description, stock no, cost per unit, total
Accounting 2220 Exam # BGSU Questions And
Answers Already Graded A+
Product vs. Period Cost - .....ANSWER ...✔✔ Product
(manufacturing): DM DL OH
-work their way through balance sheet and finally hit
income statement when item is sold *Factory/plant*
Period Cost: (Legal, HR)
Go directly to income statement *Corporate*
Cost of Goods Manufactured Statement - .....ANSWER
...✔✔ Beg. WIP+Total Manufacturing Costs
(DM,DL,OH)=Cost of WIP-Ending WIP=COG
manufactured
Cost of Goods Sold Statement (merchandiser) -
.....ANSWER ...✔✔ Beg. Inventory+COGS Purchased-
End Inventory=COGS
Cost of Goods Sold Statement (manufacturer) -
.....ANSWER ...✔✔ Beg. Inventory+COGS
manufactured-End Finished Goods Inventory
,2|Page
Cost Flow - .....ANSWER ...✔✔ RM, FL, OH->WIP-
>Finished Goods Inventory->COGS
Which parts of cost flow are on balance sheet vs on
Income statement - .....ANSWER ...✔✔ Balance sheet:
RM,FL,OH and WIP and FInished Goods Inventory
Income statement: COGS
Accumulating Costs - .....ANSWER ...✔✔ -buying
materials, buying labor, purchasing OH items
RM accumulation journal entry - .....ANSWER ...✔✔
Raw Materials Inventory
Accounts Payable or Cash
FL accumulation journal entry - .....ANSWER ...✔✔
Factory Labor
Factory wages payable
Employee payroll taxes payable
MOH accumulation journal entry - .....ANSWER ...✔✔
Manufacturing Overhead
Utilities Payable
,3|Page
Prepaid Insurance
Accounts Payable
Accumulated Depreciation
Property Tax Payable
Assigning Costs - .....ANSWER ...✔✔ How we move
M,FL, OH into WIP
RM Assigning journal entry - .....ANSWER ...✔✔ Work
in Process (for RM)
Manufacturing OH (ID materials)
Raw Materials Inventory
FL Assigning journal entry - .....ANSWER ...✔✔ Work
in Process
Manufacturing OH (ID labor)
Factory Labor
OH Assigning journal entry - .....ANSWER ...✔✔ Work
in Process
Manufacturing OH(use predetermined OH rate)
, 4|Page
Assigning WIP Journal Entry - .....ANSWER ...✔✔
Finished Goods Inventory
Work in Process
Assigning Finished Goods Inventory - .....ANSWER
...✔✔ Cash or Accounts Receivable
Sales Revenue
Cost of Goods Sold
Finished Goods Inventory
*different amounts for sale and inventory tho*
Job Cost Sheet - .....ANSWER ...✔✔ -How we track
all costs (M,L,OH) that go into a particular job
-Total WIP=total of Job Cost Sheet
-Keeps a running total of total cost of each job
-at bottom gives total cost and unit cost
Materials Requisition Slip - .....ANSWER ...✔✔ -source
document we need as proof that we're actually moving
those costs
-Proves how much material $ went into that job/ where
it is moving
-Quantity, description, stock no, cost per unit, total
