Managerial Accounting ACCT 2521
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This 2 page Class Notes was uploaded by Christa Glover on Sunday October 11, 2015. The Class Notes belongs to ACCT 2521 at East Carolina University taught by Rebecca Fay in Fall. Since its upload, it has received 32 views. For similar materials see /class/221356/acct-2521-east-carolina-university in Accounting at East Carolina University.
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Date Created: 10/11/15
ACCT 2521 Summary Chapters 1 amp 2 Best examples of exam questions are Review Problems at end of each chapter Practice Problems in Connect and Practice Questions on Blackboard Chapter 1 1 Differences between Managerial and Financial Accounting 2 Direct versus Indirect costs examples 3 Manufacturing and nonmanufacturing costs 39 r ing Costs Product Costs a Direct Materials b Direct Labor c Manufacturing Overhead Indirect Materials Indirect Labor and all other nondirect manufacturing costs Be able to calculate from a list of costs Prime Cost DM DL direct costs Conversion CostDLMOH costs added to materials to convert them to FG ing Costs Period Costs a Selling costs b Administrative costs 4 Variable and fixed costs a b Definitions Behavior in total and per unit 5 Calculate COGM COGS and IS Inventory accounts A Raw Materials RM 03 Beginning Inventory 7 RM Purchases Additions Goods Available 7 RM Ending Inventory 7 RM Direct Materials Used DM Work in Process WIP Beginning Inventory 7 r ing Cost D used DL MOH applied Goods Available for Manufacturing 7 GAM Ending Inventory 7 WIP Cost of Goods Manufactured CGM Need to be able to compute MOH applied using POHR from Chapter 2 C Finished Goods FG Beginning Inventory 7 FG Cost of Goods p J CGM Goods Available for Sale 7 GAS Ending Inventory 7 FG Cost of Goods Sold CGS Income Stateme Sales S Cost of Goods Sold C Sbe able to calculate Gross Pro t GP also called Gross Margin GM Operating Expenses OE1pick which expenses are Period selling and admin Net Income NI Chapter 2 l 2 4 N Process costing and Job order costing de nitions and examples Job cost sheet total cost of a job be able to compute a DM comes from Materials requisition form b DL comes from Employee time ticket c Manufacturing overhead MOH is applied estimated 3Step process for Overhead a Estimate rate POHR b Apply MOH to jobs POHR x ACTUAL activity DLH DL MH c Adjust overunderapplied overhead Predetermined overhead rate POHR Estimated total MOH cost for period Estimated total units in allocation base for period Allocation base examples Direct labor hours direct labor machine hours Adjust overhead by comparing ACTUAL MOHto amount that was applied using the POHR You will either have a debit underapplied MOH or credit balance overapplied MOH a Know whether underapplied debit balance or overapplied credit balance b How to adjust for over and under applied MOH c How does this adjustment affect net income Problems may give you estimated MOH estimated allocation base AND actual of both Know what to do with the s Know all J E s see chapter 2 handout including regular balances of accounts and what increases or decreases them inventory accounts increase with debit and decrease with credit
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