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UGBA 102B Midterm 1 Exam Questions And Answers
Typology: Exams
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Direct Cost - correct answer ✅a cost that can be easily and conveniently traced to a specified cost object Indirect Cost - correct answer ✅a cost that cannot be easily and conveniently traced to a specified cost object Product Cost - correct answer ✅Direct Materials + Direct Labor + Manufacturing Overhead These are costs assigned to inventory. Period Costs - correct answer ✅Costs of resources used during the accounting period, including selling, marketing, and administrative costs. Selling Costs - correct answer ✅Costs necessary to secure the order and deliver the product.
Administrative Costs - correct answer ✅All executive, organizational, and clerical costs. Prime Costs - correct answer ✅Direct Materials + Direct Labor Conversion Costs - correct answer ✅Direct Labor + Manufacturing Overhead Differential Cost Analysis - correct answer ✅Only focuses on revenues or costs that change. Those that stay the same if we choose A or B are ignored Job Order Costing - correct answer ✅Tracks direct materials and labor to the jobs, and allocates manufacturing overhead to the jobs. Product Costs - correct answer ✅direct materials + direct labor + manufacturing overhead
Work in Progress Account - correct answer ✅All product costs (DL, DM, allocated/applied factor overhead ) are accumulated in the WIP account Actual Indirect Cost destination - correct answer ✅Debited to the Manufacturing Overhead account When you debit Manufacturing Overhead.. - correct answer ✅Credit:
Calculating over or under-applied overhead - correct answer ✅Compare Overhead Applied vs. Overhead Incurred Actual Overhead Incurred - (POHR x Actual Applied Hours) How to account for over or under-applied overhead - correct answer ✅1. Write off to COGS