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Acounting 2 test

QuestionAnswer
Profit Area sale line is higher than the cost line
Breakeven line sale and cost line are equal
Any costs bejind the breakeven point... will keep going
Sales beyond the breakeven point are... all profit
Formula 5 and 6 Target Sales, how much sales we have, can make a profit
Formula 7 and 8 how much income your going to get
Relevant Range capacity to be produced
Contribution Margin contributes to the fixed costs and income
What is the logic for the process cost system Buying Raw materials, labor, overheand and assigning them to each department to transger them to another department once completes and shows the sale and COGS
Job Cost Sheet form that keeps track of Direct Labor, Labor and overhead
Manufactoring company would use a... Job order Cost system
Information from Raw Materials goes to... The Raw material Requision
Information for Direct Labor... Time card
Overhead Predetermined ovrhead rate- figure out the rate for each dept
More than actual Over applied
Less than actual Under applied
Overhead Rate from Previous now didvided by Direct Labor
Current Rate Now Overhead didivided by direct labor
Direct Materials Materials to make the product
Direct Labor Wages paid who make the product
Overhead Cost are not direct labor or direct materials, factory costs
Indirect Labor Not on the assembly line
Indirect Materials Part of the overhead like nuts and bolts
Total Manufactioring DL + DM+ OH
Period Cost Selling and administrative costs
Created by: gbills16
 

 



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