1
Q
Assigning manufacturing overhead costs
A
Step 1: Budgeted overhead costs / Estimated Cost Driver= Overhead Rate
Step 2: Applied overhead = Actual cost driver x Overhead Rate(from step 1)
2
Q
Backflush costing
A
- work our way back to determine hoe a products costs should be allocated, nothing “in process” don’t account for costs and products are worthless until till items are finished
3
Q
Job costing vs. process costing
A
- job costing for specific unique items, process costing for homogenous same items
- can have a mix of both
4
Q
Cost of goods manufactured**
A
memorize also memorize entire flow
material used
work in process
cost of goods manufactured
cost of goods sold
5
Q
FIFO equivalent units formula pg 1-52,53
A
k
6
Q
Weighted average equivalent units
A
a) Units completed
+
b) Ending WIP x % complete
7
Q
FIFO equivalent units of production
A
a) Beginning WIP x % left to complete \+ b) Units completed - Beginning WIP \+ c) Ending WIP x % complete(same last step as weighted average)
8
Q
Cost PER Equivalent unit
A
Weighted average = Beginning Cost + Current cost / equivalent units
FIFO = Current cost only / equivalent units
