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C253 Advanced Managerial Accounting UPDATED Exam Questions and CORRECT Answers $7.99   Add to cart

Exam (elaborations)

C253 Advanced Managerial Accounting UPDATED Exam Questions and CORRECT Answers

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  • Advanced Managerial Accounting
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  • Advanced Managerial Accounting

C253 Advanced Managerial Accounting UPDATED Exam Questions and CORRECT Answers Material Overhead Rate (Labor Hours) - CORRECT ANSWER- Estimated Overhead/Estimated Labor Hours Cost Per Part - CORRECT ANSWER- (Direct Materials + Direct Labor + (overhead rate * amount of overhead))/units

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  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Advanced Managerial Accounting
  • Advanced Managerial Accounting
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MGRADES
C253 Advanced Managerial Accounting
UPDATED Exam Questions and
CORRECT Answers

Material Overhead Rate (Labor Hours) - CORRECT ANSWER- Estimated
Overhead/Estimated Labor Hours


Cost Per Part - CORRECT ANSWER- (Direct Materials + Direct Labor + (overhead rate *
amount of overhead))/units


COGS - CORRECT ANSWER- (Beg. Materials+Purchased Materials+End
Materials)+Direct Labor+(Overhead for Labor)+(Beg work in process-End work in process)


Predetermined Overhead Rate - CORRECT ANSWER- Estimated total manufacturing
overhead/Estimated total amount of allocation base


Manufacturing Overhead Applied - CORRECT ANSWER- Predetermined Overhead Rate x
Actual amount of allocation base


Total Manufacturing Cost - CORRECT ANSWER- Direct Materials + Direct Labor +
Overhead


COGS Manufactured - CORRECT ANSWER- Direct Materials+Direct
Labor+Manufacturing Overhead Applied+Beg Work in Process-End Work in Process


What industry uses job order costing - CORRECT ANSWER- Legal Services


Adjusted COGS - CORRECT ANSWER- Unadjusted COGS-under/overapplied overhead


What type of business is process costing? - CORRECT ANSWER- Flour Manufacturer

, What are absorption costing product costs? - CORRECT ANSWER- Materials, Labor,
Variable Manufacturing Overhead and Fixed Manufacturing Overhead (No selling and
general admin)


What are variable costing product costs? - CORRECT ANSWER- Materials, Labor and
Variable Manufacturing Overhead (no fixed costs)


Absorption Cost - CORRECT ANSWER- (((Material+Labor+Variable Manufacturing
Overhead)*Units Produced)+Fixed Costs)/Units Produced


Net Income - CORRECT ANSWER- Sales Revenue - Expense (Revenue - (Absorption
Cost*Units Sold) - (Variable SG&A*Units Sold)-Fixed SG&A


Fixed Manufacturing Overhead Per Unit - CORRECT ANSWER- (COGS-Variable
Manufacturing)/Units Sold


How do variable and absorption costing compare? - CORRECT ANSWER- Net income
under absorption costing is higher than variable costing when units produced are greater than
units sold


Gross Profit Margin - CORRECT ANSWER- ((# Units Sold*Price per Unit)-((# Units
Sold*(Materials+Labor+Overhead)))/(# Units Sold*Price Per Unit)


Activity Rate - CORRECT ANSWER- Estimated Overhead/Total Product Hours


Allocated Overhead - CORRECT ANSWER- (Total Overhead for Activity/Total Used) &
compute for each activity


Forecasted Gross Margin - CORRECT ANSWER- (Units*Sales)-(Units*Materials)-
(Units*Labor)-(Units*Overhead)


Relevant Costs Are - CORRECT ANSWER- The costs that are different between two choices


Segment Margin - CORRECT ANSWER- Sales-Variable Expenses-Relevant Costs

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