• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/23

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

23 Cards in this Set

  • Front
  • Back

Prime costs

Direct materials and direct labor

Conversion costs

Direct labor and FOH

Entry for materials purchased

Materials



Accts payable

Entry for requisitioned materials

WIP


Materials

Entry for recording direct labor

WIP


Wages payable

Recording FOH

FOH


Materials


Wages payable


Utilities payable


Accumulated depreciation

Entry for recording applied FOH

WIP


FOH

Entry to record under applied FOH

CGS


FOH

Entry to record over applied FOH

FOH


CGS

Entry to record jobs being transferred from WIP to finished goods

Finished goods


WIP

Entry to record the sale

Accounts rec


Sales



CGS


Finished goods

Pre-Determined overhead rate

Estimated total FOH cost


➖➖➖➖➖➖➖➖➖➖


Estimated activity base

Process cost system



Entry to record transfer of goods to one dept from another

WIP - packaging


WIP- mixing

High low method:



V/c per unit



Fixed portion

Vc/unit = Difference in total cost


➖➖➖➖➖➖➖➖


Difference in units


produced



Fixed portion:



TC= (VC/unit x #of units) + FC

Contribution margin

Sales - VC

Income from op

CM - FC

Cm ratio

Cm


➖➖➖


Sales


Break even point

FC


➖➖➖➖


Unit cm

Sales necessary to achieve a target profit

FC + TP


➖➖➖➖➖


Unit cm

Unit CM

Sales per unit - VC per unit

Sales mix

Have to calculate a weighted cm



Unit cm x percent (for all)



And add all to get weighted



FC/weighted = break even

Operation leverage

CM


➖➖➖


Income from op

Margin of safety

Dollars : sales - Break even



Unit:



Percent: sales - break even


➖➖➖➖➖➖➖


Sales