CHP3: .Predetermined MOH RATE = Total estimated MO-Cost/Total Estimated allocation base. .MOH allocated to a job = Predetermined MOH rate x Actual amount of allocation base. .Job costing uses applied (Allocated) MOH not Actual .Job Costing: reduces future cost, assess probability, bidding custom orders, prepare cost of goods sold .Step #1 – Estimate total manufacturing overhead for the year. This is a projected amount of manufacturing overhead you expect for all jobs worked on in the next year
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responsibility for collecting and reporting their financial information. This information also relates to the cost of the materials and the labor that is used to produce their goods and services that are sold to other customers. Businesses used this information so they will be able to determine their business operations and so they will be able to determine how much profit they will earn based on their company assets that they are using to produce their customers goods and services. The three type
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EC staff consolidated version as of 16 September 2009, FOR INFORMATION PURPOSES ONLY EN – EU IAS 37 International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing
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Dell’s business strategy are: A direct relationship is the most efficient path to the customer. A direct customer relationship, also referred to as Dell’s “direct business model,” eliminates wholesale and retail dealers that add unnecessary time and cost or diminish Dell’s understanding of customer expectations. | | What business risks does Dell face that may threaten its ability to satisfy stockholder expectations? What are some examples of control activities that the company could use
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QUESTION ONE a) The current ratio increase is a favourable indication as to liquidity, but alone tells little about the going concern prospects of the client. From this ratio alone, it is impossible to know the amount and direction of the changes in individual accounts, total current assets, and total current liabilities. Also unknown are the reasons for the changes. The decline in the quick ratio to 0.8 is an unfavourable indication as to immediate liquidity, especially when the current-ratio
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Adjusting lower cost or market on inventory valuation Valuing inventory is usually accomplished using one of three methods. FIFO (first in, first out), LIFO (last in, first out), and weighted average. With the FIFO method, the first items purchased would be the first items removed from the inventory. The LIFO method removes the most recently purchased inventory items first. Weighted average is a compromise between FIFO and LIFO. When weighted average is used the total cost of inventory available
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Units Produced | 400,000 | | Units Sold | 345,000 | | Selling Price per Unit | $19.00 | | Direct Material Cost per Unit | $3.50 | | Direct Labor Cost per Unit | $1.40 | | Variable Selling Costs per Unit | $1.20 | | Fixed Manufacturing Costs | $1,600,000 | | Fixed Selling & Administrative Costs | $1,200,000 | | | | | | | | Absorption (GAAP) Income | | | | | Revenues (Sales) | | $6,555,000 | Cost of Goods Sold (Cost of Sales) | | 3,070,500 | Gross Profit
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ACC 560 COMPLETE QUIZZES 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
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processes financial information about an organization and reports that information to decision makers. True False 2. Assets on the balance sheet are recorded at market value or replacement cost. True False 3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. True False 4. The accounting period in which service revenue is recognized (i.e., revenue for services
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CHAPTER 1 INTRODUCTION TO BUSINESS ACTIVITIES AND OVERVIEW OF FINANCIAL STATEMENTS AND THE REPORTING PROCESS Questions, Exercises, and Problems: Answers and Solutions 1.1 The first question at the end of each chapter asks the student to review the important terms and concepts discussed in the chapter. Students may wish to consult the glossary at the end of the book in addition to the definitions and discussions in the chapter. 1.2 Setting Goals and Strategies: Although a charitable
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