Management Account Chapter 7 Flashcards
1
Q
COGM=
A
Beginning WIP + DM Used + DL + OH applied - Ending WIP
2
Q
COGS=
A
Beginning finished goods + COGM - Ending finished goods
3
Q
Job Costing
A
Products and services are uniquely identified
4
Q
Process Costing
A
Mass produced bags of dog food.
5
Q
Variable Costing
A
Only variable costs are included as inventoriable costs. All fixed an non manufacturing costs are classified as period costs and expensed when incurred. Fixed OH is expensed when incurred, not held inventory.
6
Q
Absorption Costing
A
Inventoriable costs include fixed and variable costs. Depreciation required to produce inventory.
7
Q
Abnormal Spoilage
A
Cost removed from inventory recorded as a period expense
