Costing long q Flashcards
1
Q
What is the formula for COS?
A
VC + FC + open - close
2
Q
What is the FC allocated to each unit?
A
Bud Fc/Bud units
3
Q
What are all COS figures?
A
Negative, don’t forget minus sign!!!!
4
Q
Is closing inventory negative?
A
YES
5
Q
What are the Fixed production costs included in MC?
A
Actual FC incurred
6
Q
Does MC require an under/over?
A
No, only AC
7
Q
How are selling costs dealt with?
A
In isolation, same for both MC and AC
