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Cost Accounting > CGM, CGS, IS > Flashcards

CGM, CGS, IS Flashcards

1
Q

one primary responsibility for a cost accountant is to determine..

A

the CGS on the income statement

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2
Q

it is hard for the cost accountant to determine CGS when…

A

products are manufactured

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3
Q

it is easy for cost accountant to determine CGS when…

A

products are purchased from supplier

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4
Q

DM, DL, and MOH move to…

A

WIP

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5
Q

WIP moves to…

A

FG

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6
Q

FG moves to…

A

CGS

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7
Q

products are moved from FG to CGS when…

A

they are sold and shipped

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8
Q

FG are goods that are…

A

completed but not sold

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9
Q

total cost to manufacture goods is reported where?

A

a portion in inventory on the balance sheet, a portion in CGS on the income statement

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10
Q

product costs are expensed in the period that…

A

the product is SOLD

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11
Q

DM used in production =

A

beginning DM inv + purchased DM - ending DM inv

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12
Q

total manufacturing costs =

A

DM used in production + DL + MOH

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13
Q

total manufacturing costs are also called…

A

product costs

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14
Q

CGM =

A

total manufacturing costs + beg WIP inv - end WIP inv

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15
Q

average cost per unit =

A

CGM / # of finished units

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16
Q

CGM is the cost of units…

A

FINISHED this period

17
Q

CGS =

A

beginning FG inv + CGM - end FG inv

18
Q

what is prepared on the income statement?

A

sales - CGS = GI
- op expenses
= operating income

19
Q

when FG decreases…

A

more products are sold than produced, CGS > CGM

20
Q

three different types of inventory reported by a manufacturing company

A
  1. DM
  2. WIP
  3. FG
21
Q

WIP is…

A

DM, DL, and MOH still on the the product like at the end of the period

22
Q

a service company…

A

does not manufacture goods for customers, so there is no WIP

23
Q

cost of providing services includes…

A

labor and overhead, and cost of materials used

24
Q
A

Cost Accounting (7 decks)

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