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CHP 14
CHP 14
CHP 15
CHP 16
MIX
100
Accounting provides financial and non financial information to an organization's managers and other internal decision makers.
Managerial Accounting
100
costs that cannot be traced to a single cost object. Example: maintenance expenditures benefiting two departments.
What is Indirect Costs
100
Used for production of large, unique or high cost items. -Built to order rather than mass produced. -Many costs can be directly traced to each job.
What is Job Costing
100
Used for production of identical, low-cost items. --Mass produced in automated continuous production process. --Costs cannot be directly traced to each unit of product.
What is Process Manufacturing Operations.
100
Department a completed and transferred out 2,100 units and had ending goods in process inventory of 120 units. The ending inventory is 10% complete for materials and 70% complete for labor and overhead. The equivalent units of production for labor and overhead is...
What is 2184 units 2,100*100%+ 120* 70% = 2184
200
Accounting provides general purpose financial information to this who are outside the organization.
Financial Accounting
200
Are the potential benefits lost by choosing a specific action from two or more.
What is Opportunity Cost
200
Estimated total manufacturing overhead cost for the coming period/ Estimated total direct labor costs for the coming period.
What is Predetermined Overhead Rate
200
Custom orders, Heterogeneous products, low production volume, High product flexibility, low to medium standardization.
What is Job Order Operations
200
A manufacturing company has a beginning finished goods inventory of $14,600, raw materials purchases of $18,000 cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is:
What is 29,300
300
Does not change with changes in the volume of activity.
Fixed Cost
300
Require a future outlay of cash and should be considered in decisions.
What is Out of pocket costs
300
A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Total production costs are $666,000. The cost of ending Goods in Process Inventory is...
What is 36,000 21,000*100% + 3,000* 40%= 21,000+ 1,200= 22,200 EUP; $666,000/ 22,200 EUP= $30/unit; $30/unit* 1,200 units= 36,000
300
Repetitive operations, Homogeneous products, high production volume, low product flexibility, high standardization.
What is Process Operations
300
The three major cost components of a manufactured product are...
What is Direct Materials, Direct labor, and Factory Overhead
400
Changes in proportion to changes in the volume of activity.
Variable Cost
400
Should not be considered in decisions.
What is Sunk Costs
400
Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $2,000,000 (200,000 $10/hour) and that factory overhead would be $1,500,000 for the current period. At the end of the period, the records show that there had been hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as the allocation base, calculate the under- or over applied overhead for the period.
What is 150,000 overapplied
400
The journal entry to record the use of direct labor in process cost accounting is a
What is Increase in assets and an increase in equity
400
Department C had total labor and overhead costs combined of $25,000 in beginning goods in process inventory and added an additional $165,000 in labor and overhead costs this period. If the department had 38,000 EUP for labor overhead, the cost per equivalent unit of production is...
What is $5 $25,000+ 165,000 / 38,000 =$5
500
Costs traceable to single cost object. Examples: Material and labor cost for a product.
Direct Costs
500
Another title for goods in process inventory is
What is Work in process inventory
500
When raw materials are used in production and are recorded in a job cost system
What is Goods in Process and Factory Overhead are debited and Raw Materials Inventory is credited.
500
A company uses a process cost accounting system. Its Sewing Department's beginning inventory consisted of 72,500 units (1/4 complete with respect to direct labor and overhead). The Sewing Department started and finished 174,000 units this period. Its ending inventory consists of 58,000 units (1/4 complete with respect to direct labor and overhead). All direct materials are added at the beginning of the process. Under the weighted-average inventory valuation method, what are the equivalent units of production for the Sewing Department for direct materials and for direct labor and overhead, respectively?
What is 304,500; 261,000
500
Department A had a beginning inventory balance of 25 units. During the accounting period, the department started an additional 275 units and had an ending balance of 50 units. _??_units were transferred out.
What is 250