bec 3 Flashcards

1
Q

cost of jobs completed or cost of goods manufactured equals

A

Beg WIP + DM used + DL + overhead applied - end WIP

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2
Q

computation of total value of direct labor costs in ending inventory using the W.A method applied to process costing involves three steps

A

1 equivalent units of production : units completed not started only + % of completed portion of WIP end. “DL”
2 we use equivalent units of production to compute cost per unit of production we (add beg. DL + DL costs added to the period) / equivalent units of production
3 we use unit cost to % of completed units in end. inv.

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3
Q

total manufacturing overhead equals

A

DM + DL + overhead applied

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4
Q

overhead applied consists of

A

both variable overhead and fixed overhead

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5
Q

net charge of factory overhead

A

actual factory overhead - amount of overhead applied

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6
Q

weighted avg to calculate the cost per equivalent unit equals

A

( Beg cost + Current cost ) / equivalent units of production

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7
Q

equivalent unit of production (EQU)

A

( units completed + % of End. WIP completed

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8
Q

cost of goods manufactured equal

A

Beg. WIP + total manufacturing cost - End. WIP

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9
Q

examples of job costing which is used in the production of unique goods

A
.constructions of buildings and ships
.aircraft assembly
.printing
.public accounting firm
.consulting firm
.repair shops
.special purpose machinery
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10
Q

process costing for mass produced homogeneous units such as

A
.gasolineand oil
.chemicals
.steel
.wallpaper
.plastics
.paints
.flour
.check clearing in banks
.food preparation in fast-food
.premium handling in insurance
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11
Q

cogs

A

beg of finished goods + cog manufactured -end of finished goods

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12
Q

compute the standard rate per driver ( machine hour)

A

application rate per hour = budgeted total standard costs / budgeted total standard hours
total applied overhead = total actual hours * application rate per hour

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