Midterm Formulas Flashcards by Paige Forrest

Q

Operating income

A

Sales -Expenses

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Q

COGS Manufacturing company

A

BI + COGM - EI

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Q

COGS Merchandising company

A

BI + P - EI

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Q

Gross Margin

A

Sales - COGS

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Q

Profit

A

Sales - Expenses

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Q

COGM

A

DM + DL + MOH

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Q

Prime Cost

A

DM + DL

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Q

Conversion Cost

A

DL + MOH

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Q

Product Cost

A

COGM

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Q

Beginning Inventory $

A

Number of units BI x COGM last year

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Q

Beginning Inventory units

A

BI + Production - sales

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Q

High Low Method

A

(Y max - Y min) / (X max - X min)

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Q

Predetermined Overhead Rate

A

MOH / DL hours or machine hours

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Q

POR at beginning of period

A

Estimated MOH / estimated allocation basae

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Q

POR during period

A

POR x actual units allocation base

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Q

Process Costing

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A

Total manufacturing cost / total units produced

Q

Job Costing

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A

Total manufacturing cost / number of jobs

Q

Contribution Margin

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A

Sales - TVC

Q

Operating Income

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A

CM - TFC

Q

Break Even Point $ (1 product)

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A

TFC / %CM

Q

%CM

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A

CM / Selling Price

Q

Break Even Point $ (1+ products)

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A

TFC / %CM (weighted average)

Q

Break Even Point units (1 product)

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A

TFC / CMu

Q

Break Even Point units (1+ product)

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A

TFC / CMu (weighted average)

Margin of Safety

Sales - BEP

Operating Leverage

CM total / OI

Sales Mix $

Sales / Total Sales

Sales Mix units

Sales A / Sales A + B

Purchases Budget Manufacturing (units)

BI + S - EI

Purchases Budget Merchandising (units)

EI + S - BI

Production Budget Manufacturing (units)

EI + S - BI

Purchases Budget $

EI + COGS - BI

Flexible Budget Variance

Actual - Flexible Budget

Sales Volume Variance

Flexible Budget - Static Budget