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24 Cards in this Set
- Front
- Back
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If WIP inventory has decreased, which of the following is always true?
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Total manufacturing costs are less than cost of goods manufactured
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Cost of goods sold is equal to cost of goods manufactured: (plus or minus) the (decrease or increase) in (WIP or finished goods inventory)?
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Plus the decrease in finished goods inventory
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Many companies now manufacture proudcts that are untouched by human hands. What do they use to achieve this?
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Computer-integrated manufacturing
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The most accurate year-end treatment of overapplied factory overhead is to...
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decrease CGS and appropriate inventory accounts
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Would overapplied overhead be explained by greater than or less than expected in regards to actual labor hours and actual costs
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greater than expected actual labor hours and less than expected actual costs
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A company incurred more MO than the amount it applied to its jobs during the year. What entry must be made at the end of the year to allocate the remaining overhead if not material in amount?
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debit CGS and credit MO
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Under which situation are FIFO equivalent units always equal to weighed-average equivalent units?
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When Beg Inv = 0
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If the selling price per unit increases and total fixed expenses increase while the variable costs per unit decrease how does this effect the break-even point?
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the effect on break-even can't be determined in this situation
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If finished goods inventory has decreased, which of the following is always true?
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CGS is more than CGM
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CGM is equal to total manufacturing costs...
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minus the increase in WIP inventory
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In order to obtain more accurate product costs, many companies now allocate overhead using multiple cost drivers in...
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ABC
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The most accurate year-end treatment of underapplied factory overhead is to:
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increase CGS and appropriate inventory accounts
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A normal cost system uses a predetermined factory overhead rate based on expected labor hours and expected costs. At the end of the year, underapplied would be explained by which of the following situations in regards to actual costs and actual labor hours?
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Greater than expected actual costs and less than expected actual labor hours
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A company incurred less MO than the amount it applied to its jobs during the year. What entry must be made at the end of the year to allocate the remaining overhead if not material in amount?
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Debit MO and credit CGS
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What three components compose of the total manufacturing costs?
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DM + DL + MO
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Under which situation are FIFO equivalent units always equal to weighed-average equivalent units?
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When Beg Inv = 0
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What two types of costs behave in a like fashion and look similarly when plotted on a graph?
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total fixed and unit variable
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If the selling price per unit increases and total fixed expenses decrease while the variable per unit decrease what happens to the break-even point?
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the break-even point decreases
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If WIP has not changed, which is always true?
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TMC = CGM
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Cost of goods sold is equal to cost of goods manufactured...
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minus the increase in finished goods inventory
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Which of the following is a performance-measurement technique that attempts to consider and evaluate all aspects of performance using financial and nonfinancial measures in an integrated fashion?
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Balanced scorecard
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beginning FG plus CGM - end FG= ?
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CGS
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what components are used to get used materials? X+Y-Z (is the hint for the notation)
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Beginning materials + purchased materials - ending materials
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How do you get CGM?
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Beginning WIP + TMC - Ending WIP
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