A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=complete-quizzes Visit Our website: http://hwsoloutions.com/ Description: PRODUCT DESCRIPTION ACC 560 COMPLETE QUIZZES, ALL Week Quizes A++ …. CHAPTER 1 MANAGERIAL ACCOUNTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT TRUE-FALSE STATEMENTS 1. 1 C 9. 2 K 17. 4 C 25. 6 C sg 33. 3 C 2. 1 K 10. 3 K 18. 4 K 26. 7 C sg 34. 4 K 3. 1 K 11. 3 K
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production process. During January, the accounting department noted that there was no beginning inventory. Direct materials purchases totaled $30863 during the month. Work in process records revealed that 1047 units were started in January, 464 units were completed, and 36 units were spoiled as expected. Ending work in process units are complete with respect to direct materials costs. Spoilage is not detected until the process is complete. What is the direct material cost assigned to good units completed
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MODULE - 6B Elementary Cost Accounting Notes 95 Cost Accounting : An Introduction ACCOUNTANCY After passing your senior secondary examination, if you set up a small manufacturing unit, say manufacturing of packing boxes, a problem will arise what price of each box you should quote to the buyer. Many factors are considered while fixing the price of a product/item such as competitors’ price etc. One of the basic factors is the cost of its production. Cost is essential not only to fix price
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Method 1 FIFO Method of Process Costing In this supplement to Managerial Accounting we will illustrate the first-in, first-out (FIFO) method of process costing using the data for MVP Sports Equipment Company, which was given in Exhibit 4–4 in Chapter 4 of the text. Unlike the weighted-average method, the FIFO method does not commingle costs from two or more accounting periods. As the illustration will show, the costs from each period are treated separately. Step 1: Analysis of Physical Flow of
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Cost Allocation ACC/561 April 23, 2012 Cost Allocation The purpose of cost allocation is to identify and correctly allocate costs associated with a job, product, or service. The main uses of cost allocation are to facilitate decision-making regarding costs, justify prices charged for products and services, cost control, and for optimal utilization of resources. There are several methods used for cost allocation, depending on the type of product or service offer by the company. Variable
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CASE BETA COMPANY SYNOPSIS Beta Company produces two Product A and B and standard costs of each product were predetermined by management. During November actual production for Product A was 4,200 units while Product B was 3,600 units. For material X, 39,000 pounds were purchased at $14.40 and for material Y, 11,000 pounds were purchased at $9.70. Variance analysis for actual cost versus standard cost should be prepared for the said month to be able to measure results of operations, which may
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Managerial accounting is different from cost accounting in that it takes into account more than the cost of the perpetual inventory system; it also has to make decisions based on the needs of the whole company. Cost accounting deals with the process of tracking recording and analyzing costs that are associated with a company’s product or project. As an internal manager, they are the ones that normally use the cost accounting information. Direct costs, indirect costs and overhead costs are what
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5. Managerial Accounting 6. Managerial accounting 7. Financial Accounting 8. Feedback 9. Controller 10. Performance report E2-2 1. The cost of a hard-drive installed in a computer: direct materials cost. 2. The cost of advertising in the Puget Sound Computer User newspaper: marketing and selling cost. 3. The wages of employees who assemble computers from components: direct labor cost. 4. Sales commissions paid to the company’s salespeople: marketing and selling cost. 5. The wages
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Learning Team C Week 3 Case Study BYP 4-2 ACC349 April 4, 2011 Learning Team C Week 3 Case Study BYP 4-2 [pic] [pic] (a) |Activity cost pool |Estimated overhead |Cost drivers per activity |Total cost driver activity |Activity-based overhead rate | |Market analysis |$1,050,000 |Hours of analysis |15,000 hrs |$1,050,000 =$70 | | | |
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and/or hire/replace some employees for assistance with the consumers complaints. B. 6 types of cost Management Cost- Cost management is the process by which companies control and plan the costs of doing business. This can be translated as reducing costs of production for products or services, in addition to improving value being delivered to the customer. Manufacturing cost - Manufacturing costs flow through three basic responsibility centers: the raw materials storeroom, the factory, and the
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