ACVC Flashcards
1
Q
Variable Costing - Product Cost
A
Prime Cost + VMOH
2
Q
Variable Costing - Product Cost
A
DM + DL + VMOH
3
Q
Period Costs
A
FMOH + VS&A + FS&A
4
Q
Variable Costing Contribution Margin Format
A
Sales Less: Variable Costs VMOH Variable COGS Contribution Margin Less: Fixed Costs Net Operating Income
5
Q
Absorption Costing - Product Costs
A
DM + DL + FMOH + VMOH
6
Q
Absorption Costs - Period Costs
A
Variable Selling & Admin + Fixed Selling & Admin
7
Q
Absorption Costs - Unit Product Costs
A
DM + DL + VMOH + FMOH
FMOH = (Total/units produced annually)
8
Q
Absorption Costs - Contribution Margin Format
A
Sales Less: COGS GP Less: Operating Costs NOI
9
Q
Reconciliation of AC NOI
A
AC NOI
Less: FMOH Deferred in FG: EB
Add: FMOH released from FG:BB
VC NOI
10
Q
Normal Costing SCI
A
Sales Less: COGS Less: Overapplied Overhead Add: Underapplied Overhead Adjusted COGS Solds Gross Profit Less: Variable Costs Less: Fixed Costs Net Operating Income
11
Q
Absorption Costing
A
Sales Less: COGS \+ Under applied overhead - Over applied overhead Adjusted COGS Gross Profit Less: Variable Selling & Admin Fixed Selling & Admin Net Operating Income
12
Q
Variable Costing
A
Sales - Variable Costs/Expenses Variable COGS \+ under applied overhead - over applied overhead (variable moh) (fixed moh) Ajusted variable cogs Variable selling & admin expense Contribution margin less: fixed costs/expenses fixed MOH actual fixed selling & admin expense NOI
