1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS Choc. Creme 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 2 POINTS 3 POINTS 4.

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Presentation transcript:

1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS Choc. Creme 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 2 POINTS 3 POINTS 4 POINTS 5 POINTS 4 POINTS 3 POINTS 4 POINTS 5 POINTS NONEJelly Boston Creme Cruller

In making ice cream, sugar is this type of cost (DM, DL, FOH, other) 1 POINT

What is Direct Materials?

In making ice cream, the factory equipment depreciation is this type of cost (DM, DL, FOH, other) 2 POINTS

What is the FOH?

In making ice cream, factory supervisor’s salary is this type of cost (DM, DL, FOH, other) 3 POINTS

What is FOH?

4 POINTS In making ice cream, the company president’s salary is this type of cost (DM, DL, FOH, other)

What is other – Admin expense

In making ice cream, depreciation of the computers in the main, headquarters office is this type of cost (DM, DL, FOH, other) 5 POINTS

What is other?

Prime costs are these. 1 POINT

What is DM and DL?

Conversion costs are these. 2 POINTS

What is DL and FOH?

This is both a prime and conversion cost. 3 POINTS

What is DL?

What type of reports need to be prepared in accordance with GAAP? 4 POINTS

What are financial statements?

This is the primary reason managerial accounting reports are prepared. 5 POINTS

What is to meet management’s needs?

These are the two main cost systems for manufacturing operations. 1 POINT

What is process and job order?

These are the categories of inventory for a manufacturing company. 2 POINTS

What is Raw Materials, WIP, and FG?

The journal entry to put raw materials into production is this. 3 POINTS

Dr. WIP XX Cr. Materials XX

4 POINTS The journal entry to record completed jobs.

Dr. FG XX Cr. WIP XX

The journal entries to record the sale of a product. 5 POINTS

Dr. A/R (Cash) XX Cr. Sales revenue XX Dr. COGS XX Cr. FG XX

Period costs are usually these. 1 POINT

What is selling and administrative?

The journal entry to transfer costs from Dept 1 to Dept 2 in a process cost system. 2 POINTS

Dr. WIP 2 XX Cr. WIP 1 XX

This is how gross margin is calculated. 3 POINTS

What is Sales Revenue – Cost of Good Sold.

BB Raw Materials = $40,000 Purchased Materials = $80,000 EB Raw Materials = $22,000 This was the amount of RM placed in production. 4 POINTS

What is $98,000?

5 POINTS Order these steps: 1.Allocate costs to transferred and partially completed units 2.Determine the cost per EU 3.Calculate EU of production 4.Determine the units to be assigned costs

What is 4,3,2,1.

1 POINT

2 POINTS

3 POINTS

4 POINTS

5 POINTS

CATEGORY: Equivalent Units MAKE YOUR WAGER!

ANSWER: If C Corp had 200 units, 75% completed, in process at the beg of the period, 5000 units completed during the period, and 400 units 30% completed at the end of the period, what was the EU of production?

QUESTION What is 4970?