(WIP) ACC 350 Exam 1 Study Material

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Seed 1=7-16 Required: a. Prepare a Cost of Goods Manufactured Statement. Beginning RM Inventory + Raw Material Purchases = RM Available for Use - RM used as supplies - Ending RM Inventory = DM Used in Production + Direct Labor + Manufacturing Overhead = Total Manufacturing Cost + Beginning WIP - Ending WIP = COGM b. What was the cost of producing one toy piano last year? c. Based on the COGM Statement, what is the value of ending FG inventory? d. What was COGS? = COGM + Beginning FG - Ending FG = COGS
a. t 7- it Solutions ACC 350 In-Class Problems – Chapter 2 #1 – Identify Costs The Temp Company manufactures bicycles and has the following costs: DM DL MOH Period or Product Fixed or Variable 1. Assembly-line worker’s wages X Product Variable 2. Factory heating and air conditioning X Product Fixed 3. Salaries of the company’s top executives Period Fixed 4. Sales Commissions Period Variable 5. Production supervisor’s salary X Product Fixed 6. Research and development costs Period Fixed 7. Chains used to make bicycles X Product Variable 8. Supplies (e.g. lubricant) used to make bicycles X Product Variable 9. Freight-in on direct materials X Product Variable 10. Freight-out to ship goods Period Variable 11. Quality inspectors’ salaries X Product Fixed 12. Material handler salaries X Product Fixed 13. Process design engineer salaries X Product Fixed 14. Electricity for the machines X Product Variable 15. OT premium paid to assembly workers X Product Variable 16. Property taxes on the factory & office* X 17. Office rental for cost-management staff* X Product or Period Product or Period Fixed Fixed Identify each cost as Direct Material (DM), Direct Labor (DL), or Manufacturing Overhead (MOH), as a Period or Product Cost, and as a Fixed or Variable Cost. * Depends on location. If a factory office—MOH; if an administrative office—Period Expense. Note: many of the fixed costs are fixed within a relevant range. As volume increases beyond the relevant range, additional supervisors, inspectors, etc. will need to be hired. 2 - 14
Page 1 and 2: Sarah Takash ACC 350 spring 2018 Ex
Page 3 and 4: Pg. 1 Sarah Allison Takash ACC 350,
Page 13 and 14: Pg. 11 Sarah Allison Takash ACC 350
Page 17 and 18: Ptt e. chs . Review 1132 Problems C
Page 19 and 20: P . 7 per - 3 solutions Ch. 2 Revie
Page 21 and 22: P . be 7-5 COMPUTATIONAL QUESTION 1
Page 23 and 24: P . Efg 7-7 Inventory balances for
Page 25 and 26: P . a. 7-9 8. The following informa
Page 27 and 28: 1=7-11 See Inventory balances for t
Page 29 and 30: P . 7-13 f- 8. The following inform
Page 31: p . Be 7-15 #2 - COGM / COGS Hanks
Page 35 and 36: P . soft 7-19 InClass Problems - Ch
Page 37 and 38: 20. Cost hierarchy Pg. 16 Sarah All
Page 41 and 42: 29. Steps: Pg. 20 Sarah Allison Tak
Page 47 and 48: Solutions ACC 350 Practice problem
Page 49 and 50: Problem #2 - Activity Based Costing
Page 53 and 54: solutions ACC 350 In-Class Problems
Page 55 and 56: Requirements: 1. Determine the plan
Page 59 and 60: Standard: ($42,500 * .50) / 15,000
Page 61 and 62: Solutions Milwaukee Company Problem
Page 63 and 64: d. Determine the gross margin (per
Page 65 and 66: InClass Problems - Chapter 4 Requir
Page 67 and 68: Requirements: a. Determine the plan
Page 69 and 70: $1,715,071 $1,854,929 # of Units 50
Page 71 and 72: $1,715,071 $1,854,929 # of Units 50
Page 75: Summary of Article Pg. 27 Sarah All

(WIP) ACC 350 Exam 1 Study Material

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