8/2/2019 1st Test Review Sheet-Acc202

1/3

Acc 202 1st

Test Review Sheet

1. Know the difference between Managerial & Financial Acct

2. Know how to treat depreciation for an asset use in the production process vs

an asset used in the Marketing Dept.

3. Know the difference between Prime, Conversion, Period & Non Manufacturing

Cost

4. Job Order vs. Process Costing

5. J.E. to close out over & under applied overhead

6. What cost are included in Manufacturing O/H

7. Know the flow from Raw Material, WIP, Finished Goods to Cost of Goods Sold

8. Just in time production, Lean Thinking Model, Six Sigma, Theory of Constraints

9. Variable & Fixed cost. How are they graphed?

10.Know the difference between a Staff and Line Position

11.Journal entry to record application of O/H

12.Prepare a Schedule of Cost of Goods Manufactured

Raw Materials purchased $50,000

Direct Labor Cost 20,000

Manuf O/H 50,000

Beginning Ending

Inventories:

Raw Material $25,000 $20,000

WIP 15,000 22,000

Finished Goods 40,000 25,000

13. A merchandising company, had sales of $100,000, selling expenses of $20,000, and

administrative expenses of $25,000. The cost of merchandise purchased during the month

was $200,000. The beginning balance in the merchandise inventory account was $25,000

and the ending balance was $30,000. Prepare an Income Statement in good form.

Income Statement

8/2/2019 1st Test Review Sheet-Acc202

2/3

Sales.

Cost of Goods Sold:

Beg Merch Inventory.

Add:Purchases_________

Goods Avail for Sale..

Less: Ending Merch Inventory------------------------------

Gross Margin.

Selling & Administrative Expenses:

Selling Expenses..

Administrative Expenses.-------------------------------

Net Operating Income==========

14. You are given the following data at the end of the month:

Beg RM $10,000

Beg WIP 30,000

Beg Finished Goods 40,000

Transactions:

1. RM Purchased 60,000

2. RM Used in Production 65,000 All Direct Material

8/2/2019 1st Test Review Sheet-Acc202

3/3

3. Direct Labor 80,000

4. Manuf O/H Cost Incurred 55,000

5. Manuf O/H Applied 58,000

6. Cost of Units Completed & 200,000

transferred from WIP to Finished Goods

7. Any Applied or Underapplied O/H is

Closed to Cost of Goods Sold ?

8. Finished Goods are Sold 250,000

Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and

Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances and

each of the transactions listed above. Finally, determine the ending balances.