VII.1 - Formulerz (cost acct) Flashcards Preview

CPA: BEC > VII.1 - Formulerz (cost acct) > Flashcards

Flashcards in VII.1 - Formulerz (cost acct) Deck (16)
Loading flashcards...
1

Overhead allocation ($)

1) Est OH / Est Machine Hrs = Predeterm OH Rate (POH)
2) POR x actual machine hrs = allocated OH
3) Allocated OH - Actual OH = over/under applied OH

2

Overhead Application rate ($/hr)

1) Est OH (fixed + var) / est cost driver (ex dir labor)
2) actual cost driver amount x OH application rate

3

Schedule of COGManuf/COGS: Direct materials (Sec 1)

Beg Inv: Dir Mat
+ DMat purchased
= DMat available
- Ending Inv DMat
= DMAT USED

4

Schedule of COGManuf/COGS: Total Manufacturing Costs (Sec 2)
Only different sec of the 4 sections**

DMat used
+ Dir Labor
+ Manuf OH
= TOTAL MANUF COSTS

5

Schedule of COGManuf/COGS: COG Manufactured (Sec 3)

Beg Inv: WIP
+ Total Manuf Costs
= WIP available
- Ending Inv WIP
= COG MANUF

6

Schedule of COGManuf/COGS: COGS (Sec 4)

Beg Inv: Finished Goods Inv
+ COGManuf
= Goods available for sale
- Ending Inv Finished Goods
= COGS

7

Total cost = ....

Fixed Cost + (Variable cost x Units)

8

Variable Cost uses.... (what over what)

$ (OH Cost) / Units

9

High/Low Method

1) $ (OH Cost) / Units = Variable Cost [rise over run fashion]
2) Fixed Cost + (Variable cost x Units) = Total Cost
(Solve for FC)

10

Net realizable value (joint products)

1) (Prod 1: Size x sale price) / (Prod 1 + 2: Size x sale price)
2) Step 1 x joint costs = NRV

11

Unit contribution margin (CM)

Revenue = Sale Price - Variable Cost

12

Contribution margin ratio (CR)

Total Revenue = Unit contribution margin / Price
Detailed: Total Rev= [Price - Var cost] / Sale Price

13

Break even (units)

Fixed cost / Cont Margin [Sale price - var cost]

14

Break even ($)

Fixed cost / CR [(price - var) / price]

15

Margin of safety

The margin of safety is the difference between current sales and breakeven sales. EX) BE sales are $120,000 ($200,000 (sales) - $80,000 (BE Sales)).

16

General transfer pricing rule (Transfer price per unit)

Transfer price per unit = additional outlay cost per unit + opportunity cost per unit.