Costing Systems & Decision Making

Question 1

Overhead Application Rate =

Answer 1

Question 2

Actual production quantity flow =

Answer 2

Question 3

Units in beginning WIP =

Answer 3

Question 4

Units started and completed =

Answer 4

Question 5

Units in ending WIP =

Answer 5

Question 6

EUP is …..

Answer 6

Question 7

EUP under weighted-average method =

Answer 7

Question 8

Cost per EUP under weighted-average method =

Answer 8

Question 9

EUP under FIFO method =

Answer 9

Question 10

Units started and completed =

Answer 10

Question 11

Cost per EUP under FIFO =

Answer 11

Question 12

Breakeven points in units =

Answer 12

Tips for UCM:

Sales should be divided by the unit amount to get the price per unit or depending on the info provided in the question divide the total Sale amt by the unit price.

Variable costs include prime costs, variable manufacturing costs, and variable SG&A costs. Add these together then divide by the amount of units.

UCM = Sales price per unit - total variable costs

Question 13

Breakeven points in dollars =

Answer 13

Question 14

Margin of Safety in Dollars =

Answer 14

Question 15

Margin of Safety (%) =

Answer 15

Question 16

Target sales in units =

Answer 16

Question 17

Target sales in dollars =

Answer 17

Question 18

Operating Income =

Answer 18

Question 19

Target Net Income =

Answer 19

Question 20

Target Operating Income =

Answer 20

Question 21

Target net income sales in units =

Answer 21

Question 22

Multi-product breakeven point =

Answer 22

Question 23

Multi-product breakeven point in sales dollars =

Answer 23