Chapter 2 Flashcards

1
Q

MIC

A

materials purchased to make the products (Material Inventory Control)

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2
Q

WIP

A

units of products that are partially completed & require more work before they are sold (Work In Process)

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3
Q

FG

A

completed units that have yet to be sold (Finished Goods)

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4
Q

Inventory Calculation

A
Beginning Balance (BB) + Additions (AD) - Withdrawals (WD) = Ending Balance (EB)
BB + AD - EB = WD
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5
Q

MIC (Accounting Movements) Calculation

A

BB + AD (Purchase of materials) - WD (DM used in WIP & IDM used in MOH) = EB

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6
Q

WIP (Accounting Movement) Calculation

A

BB + AD [DM + DL + MOH] - WD [Transfer to FG COGM] = EB

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7
Q

FG (Accounting Movement) Calculation

A

BB + AD [COGM Transfer from WIP] - WD [COGS] = EB

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8
Q

Contributional Margin (SCI)

A

by behaviour (used primarily by internal management

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9
Q

Functional Approach for Contributional Margin (SCI)

A

used for external reporting

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10
Q

Direct Costs

A

DM & DL

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11
Q

Indirect Costs

A

VMOH + FMOH + FSE & VSE + VAE + FAE

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12
Q

Variable Product Costs

A

DM + DL + VMOH

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13
Q

Product Costs

A

VMOH + FMOH + DM + DL

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14
Q

Period Costs

A

Variable & Fixed Selling Expense + Variable & Fixed Admin Expense

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15
Q

Full Cost

A

Period + Product Costs

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16
Q

Per Unit GP (Profit)

A

Selling - COGS (DM + DL + VMOH + FMOH) per unit

17
Q

Per unit of Contribution Margin

A

Selling Price - Total Variable Costs (DM + DL + VSE + VAE) per unit

18
Q

POR

A

Estimated Total Manufacturing Costs / Estimated total amt of allocation bases

19
Q

Overhead Applied

A

POR * Actual Allocation Bases