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10 Cards in this Set
- Front
- Back
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What are the five different elements of marketing practices?
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Transaction Marketing-"lowest Price"
Interaction Based Relationship Marketing- "Repeat business loyalty discount" Database Marketing - "customer information database to segment into target markets" E-marketing- "use of the internet to accomplish marketing functions" Network Marketing -"Referrals" |
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How do you calculate applied overhead?
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Step 1: Calculate overhead rate = Budgeted overhead cost / Estimated cost diver.
Step 2: Applied overhead = Actual cost diver x overhead rate from step 1 |
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What are Prime Cost?
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Direct Labor + Direct Material
DL + DM |
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What is conversion Cost?
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Direct Labor + Overhead Applied
DL + O/H Applied |
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Cost accounting systems are designed to meet the goals of measuring cost objects or objectives. What are the most frequent Objectives? Hint: PIE
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PIE
P = Product costing (inventory and GOGM & sold) I = Income determination (Profitability E = Efficiency measurements (comparisons to standards) |
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What are Direct Cost?
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Direct cost are easily traced and includes DRM (direct raw materials) including freight in plus normal scrap.
Direct Labor plus reasonable amount of down time. |
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What are indirect Cost?
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Indirect cost are not easily traced.
It includes in the factory cost i.e. MFG Overhead/product cost and in the office building SG&A/period cost. |
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How do you calculate Raw Materials used?
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Beginning Raw Materials
+ Net Purchases = Materials available - Ending Raw Materials = Raw Materials used |
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How do you calculate COGM (cost of goods manufactured)?
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WIP (work in progress) Beginning
+ DM (direct materials) Used + DL (direct labor) + Manufactured overhead applied = Total manufactured cost incurred WIP Beginning + Total manufactured cost incurred = Total manufacturing costs available - WIP Ending = COGM |
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How do you calculate COGS (cost of goods sold)?
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Finished goods beginning
+ COGM = COGAS - Finished goods ending = COGS |
