Cogm - Study guides, Class notes & Summaries

For each of the following independent cases A-D, compute the missing values: - A - COGM = TCMC+(BWIP-EWIP) B - BWIP = (COGM+EWIP)-TCMC C - TCMC = COGM+(EWIP-BWIP) D - EWIP = (TCMC+BWIP)-COGM Match each of the following characteristics that describe financial accounting, managerial accounting, both financial and managerial accounting, or neither financial nor managerial accounting. Financial accounting Managerial accounting Both financial and managerial accounting Neither financial no...

University of Louisiana, Lafayette ACCT 526 Mid Term Exam. 100% Verified Q And A. Started on Tuesday, February 15, 2022, 6:09 PM State Finished Completed on Tuesday, February 15, 2022, 7:09 PM Time taken 59 mins 11 secs Points 29.00/33.00 Grade87.88 out of 100.00 Question 1 Correct 1.00 points out of 1.00 Flag question Question text ULL Co. manufactures and sells 2,000 units of its product at a price of $30 per unit in a given year. Its per unit product cost is $13 per unit. ULL C...

What is the process of obtaining COST OF GOODS SOLD for a manufacturing company? - beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory Calculation of cost of goods manufactured (COGM) - beginning WIP + total manufacturing costs = total cost of work in progress THEN total cost of work in progress - ending WIP = COGM

ABC Overhead Cost Allocation involves what? - Overhead allocation based on different activities - Cost Drivers What are the three areas used in process costing? - 1- Work needed to complete beginning WIP 2- Work needed to start & complete units 3- Work put into units not completed (ending WIP) How do you figure out the Equivalent Units of Production? - (Beginning WIP x % needed to complete)+(units started and completed)+(Ending WIPx% completed)= EU of Production Formula to figure out cost...

WGU C928 - WGU IT Finance (Formulas) 100% Correct Accounting Equation Assets = Liabilities+Equity Ratio of Liabilities to Stockholders' Equity Ratio of Liabilities to Stockholders' Equity = Total Liabilities / Total Stockholders' Equity Working Capital Working Capital = Current Assets - Current Liabilities Current Ratio Current Ratio = Current Assets / Current Liabilities Ratio of Free Cash Flow to Sales Ratio of Free Cash Flow to Sales = Free Cash Flow / Sales Quick Ratio Quick Ratio = ...

For each of the following independent cases A-D, compute the missing values: - A - COGM = TCMC+(BWIP-EWIP) B - BWIP = (COGM+EWIP)-TCMC C - TCMC = COGM+(EWIP-BWIP) D - EWIP = (TCMC+BWIP)-COGM Match each of the following characteristics that describe financial accounting, managerial accounting, both financial and managerial accounting, or neither financial nor managerial accounting. Financial accounting Managerial accounting Both financial and managerial accounting

Predetermined Overhead Rate (POR) - estimated overhead costs / estimated activity base Overhead Applied - POR X Actual Amount of the Activity Base for the Period Direct Materials - Raw Materials Inventory, Beginning (Bi) + Raw Material Purchases = Raw Materials Available - Raw Materials Inventory, Ending (Ei) = Direct Materials Used Cost of Goods Manufactured (COGM) - Work in Process, Beginning Inventory (WIP) + Total Manufacturing Costs = Total Cost of Work In Process (WIP) - Work in ...

horngren exam 2 questions & answers 2024 Which product costing system would be better for custom-order products? - ANSWER-Job-costing system Which of these documents authorizes the purchase of specific raw materials from a specific supplier? - ANSWER-Purchase order A _____________ is used to accumulate the costs of a job - ANSWER-Job cost record The assignment of direct and indirect materials to a cost object reduces the _________ - ANSWER-Raw materials inventory account A _____...

Managerial Accounting Formulas - Exam 1 With 100% Correct And Verified Answers Manufacturing Overhead Rate - Correct Answer-budgeted MOH / cost driver Operating Income - Correct Answer-contribution margin - fixed costs DL - Correct Answer-"touch labor" , traceable IL - Correct Answer-goes into MOH , NOT traceable MOH - Correct Answer-any cost not DM or DL (IM , IL & other costs) Prime Cost - Correct Answer-DM + DL Conversion Cost - Correct Answer-DL + MOH Raw Materials In...

University of Louisiana, Lafayette ACCT 526 Mid Term Exam. 100% Verified Q And A. Started on Tuesday, February 15, 2022, 6:09 PM State Finished Completed on Tuesday, February 15, 2022, 7:09 PM Time taken 59 mins 11 secs Points 29.00/33.00 Grade87.88 out of 100.00 Question 1 Correct 1.00 points out of 1.00 Flag question Question text ULL Co. manufactures and sells 2,000 units of its product at a price of $30 per unit in a given year. Its per unit product cost is $13 per unit. ULL Co. also has sel...