T'd up!
ABC's of ABC
Classify that Cost!
Overhead
Famous "Accountants"
100
Name the four cost accounts that every manufacturing company should have
What are Raw materials, WIP, Finished Goods, COGS?
100
This is the main difference between Traditional Costing and Activity Based Costing.
Activity Based Costing uses multiple activities to allocate overhead!
100
What a wooden chair leg would be to a furniture manufacturing company
What is Direct Materials?
100
This type of costing involves using just ONE overhead rate.
What is Traditional Costing
100
An Accounting Professor here at Baylor, who is always remembered for saying, "OK, it's accounting time!"
Who is Don Carpenter?
200
This cost number is defined as DM+DL+MOH
What is TMC?
200
When switching to ABC, costs tend to shift from ____ quantity products to _____ quantity products
What is High to Low?
200
Insurance for a warehouse that is not used in production would be this cost type.
What is a period cost?
200
This will be the equation used to get your Predetermined Overhead Rate. Be specific about actual or estimated numbers!
What is Estimated Activity divided by Estimated Total Overhead?
200
This famous accountant is famous for his role in The Office, and his favorite day is Pretzel Day?
Who is Stanley Hudson (Leslie David Baker)?
300
What would the journal entry be if a company were to purchase raw materials on account?
(Debit) Raw Materials xx
(Credit) Accounts Payable xx
300
Activity rate for DLH is $3.00, Machine Hours is $1.00; If we use 3,500 Machines hours and 2,000 Direct Labor Hours, what will be our overhead applied to each base?
What is $6,000 under DLH and $3,500 under Machine hours? ($9,500 total. Is this applied, actual, or estimated?)
300
The wages for an on-site manager would be this type of cost.
What is a Product Cost, Manufacturing Overhead
300
Name 3 allocation bases that we have used in this class! (Each one worth 100!)
What are Direct Labor Hours, Direct Labor Cost, Machine Hours, Setups, Purchase Orders
300
This famous saxophone player graduated from the University of Washington with an accounting degree and is a Grammy Award Winner for his famous instrumental music.
Who is Kenny G?
400
Beginning WIP was $870, TMC totalled $1,270 and ending WIP was $930. What was COGM for the period?
What is $1,210?
400
This is who determines if an activity is "value added" or not.
Who is the customer? Remember: The customer is always right!
400
This is what we would classify the electric bill for our sales department as.
What is a period cost?
400
Estimated Overhead is $96,000 and estimated Machine Hours are 8,200. Actual Overhead was $97,500 and actual Machine Hours were 10,300. What was APPLIED overhead?
POHR: $11.70
Applied OH: $120,585.37
400
This Former UFC Champion from 2005-2007, otherwise known as "The Ice Man" knew a lot about numbers alongside fighting.
Who is Chuck Liddell?
500
COGM was $970 for a period, COGS was $2,108 and Beginning Finished Goods was $3,789. What is Ending Finished Goods?
What is $2,651?
500
Blue Ribbon Medals produces 20,000 Standard Medals and 2,000 complex Custom Trophies. Using Activity-Based Costing, the Custom Trophies consume 100 of 150 total setups ($30,000 pool),18 of 20 total designs (50,000 pool), and 2,000 of 6,000 total direct labor hours ($40,000 General Factory pool). Given $40.00 in total direct materials and labor, this is the final ABC Unit Product Cost for a single Custom Trophy.
What is $79.17?
500
This is how we classify maintenance on our machines used in production.
What is Manufacturin Overhead?
500
We have overapplied Overhead by $20,000 dollars! This is a significant amount, and WIP=$5,000, FIN=$12,000 and COGS=$8,000. What is the journal entry for closing out Overhead?
Debit MOH 20,000
Credit WIP 4,000
FIN 9,600
COGS 6,400
500
This member of the Impractical Jokers crew left in 2021, but was a great comedian and also knew how to do some accounting.
Who is Joe Gatto?
