exam 1 more

Question 1

show the format for cost of goods sold for an income statement for a merchandise company

Answer 1

Cost of goods sold
merchandise inventory, jan 1 $xx
cost of goods purchased x
cost of goods avail for sale x
merchandise inventory, Dec 31 x
cost of goods sold $xx

Question 2

show the format for cost of goods sold for an income statement for a manufacturing company

Answer 2

cost of goods sold
finished goods inventory, Jan 1 $xx
cost of goods manufactured xx
cost of goods available for sale xx
finished goods inventory, dec 31 xx
cost of goods sold xx

Question 3

Show the Cost of goods manufactured schedule

Answer 3

Work in process, Jan 1 $xx
Direct materials
raw materials inv, jan 1 xx
raw mat purchased xx
raw mat avail for use xx
less; raw mat inv, dec 31 xx
direct materials used xx
Direct labour xx
MOH xx
total manufacturing cost xx
total cost of work in process xx
less: work in process, dec 31 xx
cost of goods manufactured $xx

Question 4

show the format for balance sheet for a merchandise company

Answer 4

company name
balance sheet
December 31, 2014
current assets
cash $xx
receivable (net) xx
merchandise inventory xx
prepaid expenses xx
total current assets $x

Question 5

show the format for balance sheet for a manufacturing company

Answer 5

company name
balance sheet
December 31, 2012
Current assets
cash $xx
receivable (net) xx
inventories
FG xx
WIP xx
Raw Mat xx
Prepaid expenses
total current assets

Question 6

cost accounting uses what kind of system

Answer 6

perpetual inventory system

Question 7

what is operations costing

Answer 7

combination of process cost and job order cost system

similar to process costing

Question 8

what are the formulas for FIFO

Answer 8

1. calculate the units to be accounted for - same
   calculate units accounted for:
   p m c
   beginning inv (amt from beg wip) 0 (% wip )
   started & com (total units - (beg wip + end wip)
   ending (same) % %
   total EU