(WIP) ACC 350 Exam 1 Study Material

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○ = operating income / revenues 32. Steps: Pg. 23 Sarah Allison Takash ACC 350, Spring 2018 Exam 1 Study Material a. Determine total product revenues attributable to the particular product i. = “net sales” ii. = price * qty sold - returns and sales allowances b. Determine the total product-cost i. = Cost of all value chain activities associated with providing the product ii. = COGS + indirect/period/SG&A costs allocated to the product iii. = COGS + operating costs ---- (on income statement) c. Using (a) and (b), Determine the product’s operating income: i. Subtract total product-cost from total product-revenues to get the product’s operating income ii. = (product-operating income) = (total product-revenue) - (total product-cost) d. Divide total revenues (step a) by operating income (step b) i. = (Total product-revenue) / (product-operating income) e. Multiply by 100 to get a % → this is your operating profit margin Example Problem from textbook:
Pg. 24 Sarah Allison Takash ACC 350, Spring 2018 Exam 1 Study Material Solution on p. 178 of textbook Determining the profitability of customers Summary: Same as for determining profitability of products, except use customer related revenues and customer related costs instead of product related revenues and product-costs. Blackboard Problems:
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Page 17 and 18: Ptt e. chs . Review 1132 Problems C
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Page 31 and 32: p . Be 7-15 #2 - COGM / COGS Hanks
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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
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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
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Page 71 and 72: $1,715,071 $1,854,929 # of Units 50
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(WIP) ACC 350 Exam 1 Study Material

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