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Test 2 Review - Flashcards

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Class:ACCT 2302 - PRINCIPLE OF ACCOUNTING II (F)
Subject:Accounting
University:El Paso Community College
Term:Fall 2014
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      Mode:   CARDS LIST       ? pages   PRINT EXIT
Display screen Direct Material
Assembly line supervisor salary Factory overhead
Wages for assembly worker Direct labor
Salary of chief executive officer General and administrative expenses
Generated by Koofers.com
Glue to hold ipad case together Factory Overhead
Uniform provided for each factory worker Factory overhead
Wages for retail store worker Selling expenses 
Depreciation (straight-line) on the robotic Factory overhead 
Generated by Koofers.com
Factory Utilities Product-Indirect
Overhead 
Conversion
Advertising Period cost
Not a product cost
Not a product cost
Amortization of patent on factory machine Product-Indirect
Overhead 
Conversion
State and federal income taxes Period Cost 
Not a product cost
Generated by Koofers.com
Office supplies used Period cost
Not a product cost
Insurance on factory building Product- Indirect
Overhead 
Conversion
Wages to assembly workers Product- direct
Direct Labor
Prime and conversion
1.COGM DM part
  1. Beginning raw material inventory
  2. Add: Raw materials Purchase
  3. Less:Ending raw Materials Inv
  4. Direct Materials used
Generated by Koofers.com
2.COGM Direct Labor
3.COGM Factory overhead accounts
Such as:
Rental on factory equipment
Factory supplies used
Indirect labor
Total Factory overhead
4.COGM Total Manufacturing cost
Add:Direct Materials used
Direct Labor
Total factory overhead
5.COGM
Total factory overhead 
Add: Beginning WIP Inventory

Total Cost of WIP

Less: Ending WIP

COGM

Generated by Koofers.com
COGS Beginning Finished goods inventory

Add:COGM
Cost available for sale

Less: Ending Finished Goods Inventory

COGS
Generated by Koofers.com

List View: Terms & Definitions

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 Display screenDirect Material
 Assembly line supervisor salaryFactory overhead
 Wages for assembly workerDirect labor
 Salary of chief executive officerGeneral and administrative expenses
 Glue to hold ipad case togetherFactory Overhead
 Uniform provided for each factory workerFactory overhead
 Wages for retail store workerSelling expenses 
 Depreciation (straight-line) on the roboticFactory overhead 
 Factory UtilitiesProduct-Indirect
Overhead 
Conversion
 AdvertisingPeriod cost
Not a product cost
Not a product cost
 Amortization of patent on factory machineProduct-Indirect
Overhead 
Conversion
 State and federal income taxesPeriod Cost 
Not a product cost
 Office supplies usedPeriod cost
Not a product cost
 Insurance on factory buildingProduct- Indirect
Overhead 
Conversion
 Wages to assembly workersProduct- direct
Direct Labor
Prime and conversion
 1.COGM DM part
  1. Beginning raw material inventory
  2. Add: Raw materials Purchase
  3. Less:Ending raw Materials Inv
  4. Direct Materials used
 2.COGMDirect Labor
 3.COGMFactory overhead accounts
Such as:
Rental on factory equipment
Factory supplies used
Indirect labor
Total Factory overhead
 4.COGMTotal Manufacturing cost
Add:Direct Materials used
Direct Labor
Total factory overhead
 5.COGM
Total factory overhead 
Add: Beginning WIP Inventory

Total Cost of WIP

Less: Ending WIP

COGM

 COGSBeginning Finished goods inventory

Add:COGM
Cost available for sale

Less: Ending Finished Goods Inventory

COGS
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