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by: Miss Alexandrine Ortiz


Miss Alexandrine Ortiz
Texas State
GPA 3.62

S. Thoede

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S. Thoede
Class Notes
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This 5 page Class Notes was uploaded by Miss Alexandrine Ortiz on Wednesday September 23, 2015. The Class Notes belongs to ACC 2362 at Texas State University taught by S. Thoede in Fall. Since its upload, it has received 9 views. For similar materials see /class/212872/acc-2362-texas-state-university in Accounting at Texas State University.

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Date Created: 09/23/15
Exam 1 consists of 40 multiple choice questions The 40 questions are 32 problems and 8 questions that deal with definitions and analysis The problems cover 1 Calculate product period and direct and indirect costs m direct materials direct labor manufacturing overhead are any costs associated with storing selling and delivering the productall costs that are not product costsall areas of the value chain except production a Cost of office supplies research and development activities CEOs salary And advertising These costs cannot be assigned to products there for are not on the balance sheet Could be an asset if it benefits for more than a year quoti 39 costs that cannot be easily and accurately traced to a cos object allocation can be easily and accurately traces to a cost object direct tracing 2 Calculate gross margin and operating income a Gross margin is the difference between sales revenue and costs of goods sold m sales revenue COGS at in in m gross margin selling expense administrative expense 3 Calculate beginning work in process given cost of goods manufactured direct materials direct labor overhead and endin work in rocess a Ev l x lquot u rt u t rityr ml Beginning inventory materials purchases direct materials used in production P 01 O 1 b Work in process is the cost of the partially completed goods that are still on the factory floor at the end of a time period c materialslaboroverhead WIP starting WIP ending 1 Jul39 i quotVi quot1ii iu i mf i r 10 i 1 direct labor cost manufacturing overhead cost It s the cost of converting raw materials into a final product Given a distribution of sample costs and activities use the highlow method to calculate a ll high point cost low point cost hi oint out ut low point output b H total cost at high point variable rate X 39 h oint c c ill39nul fixed cost variable rate X output d And project the total cost given a level of activity Whatif Given a distribution of sample costs and activities and the results of using the least squares method calculate a The fixed cost Intercept b The variable rate X variable c The cost formula fixed cost variable rate X output d And project the total cost given a level of activity Whatif Calculate cost of goods manufactured given beginning and endin work in process a direct materials used in production direct labor used in production manufacturing overhead costs used in production beginning WIP inventory Ending inventory of materials 8 Calculate cost of goods sold given beginning and ending finished oods inventory a beginning finished goods inventory cost of goods manufactured ending finished goods inventory 9 Calculate materials applied to production given beginning and endIn materials Inventor a r1 quot ifi 7 beginning inventory of materials purchases ending inventory of materials 10 Calculate contribution margin variable expense and variable roduct exense per unit a u r quot 392 v 1 direct materials direct labor variable overhead variable selling expense Fixed overhead fixed selling amp sales total variable expense ii selling price variable cost 11 Calculate breakeven point in units and dollars Also breakeven in units and dollars given a target profit m m r Total fixed costs contribution marin er unit r w n 5339 r r quot total fixed costs taret rofit rice variable cost per unit c is 1 39 tota fixed expensescontribution marin ratio l I 11 r r H r fixed costs target income contribution margin ratio 12 Calculate variable expense and contribution margin ratio a Contribution margin ratio contribution margin sales b Variable cost ratio variable cost sales 13 Given a multiple product scenario two or more products determine the product mix calculate contribution margin ratio breakeven in units breakeven in dollars and number of each product sold at breakeven a Unit contribution margin X sales mix il ll i z liwquot i39i39wi uil Figure it out for each product then find the difference That is the cost of the total package b i r i Fixed cost package contribution margin c Sales total variable exense a miw i 2 film 39 Expected contribution margin ciii139i Wi s39iiQi39i ii39iizhyii Hill total sales revenue rm 71 quot fixed costcontribution margin ratio 14 What if sensitivity breakeven analysis What is the impact to breakeven if a Sales price increasesdecreases b Variable cost per unit increasesdecreases c Contribution margin per unit increasesdecreases d Fixed costs increasedecrease 15 Calculate operating leverage the percentage dollar change in operating income given a percentage change in sales revenue v contribution margin oeratin income quot39 39 DOLXinchangein Original operating income change X orig operating income Calculate safet mar in in units and dollars glfi 39 iii on sales in units breakeven sales breakeven


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