The exam is closed book and no notes. This is testing basic managerial accounting knowledge that everyone should know and understand to be able to add value to any type of organization. Make sure you bring a calculator. Please feel free to ask questions about the review sheet if you do not understand what I am asking. You will also have access to the answers to the online quizzes you have taken, so I would review these quizzes. The textbook website has interactive quizzes that you can take at the textbook website and get instant feedback, so that would probably be a good review process. Also, make sure you review the exercises I have set out below by the problem explanations. You have ...view middle of the document...
What are the differences between financial and managerial accounting, and what are their purposes?
15. What are product costs and what type of costs are examples of these product costs?
16. How do product costs flow through the accounts as they move through the production process and then are sold? Excellent exhibit on page 82
On the problems make sure you show your work!
Problem 1- Worth 9 pts. make sure you have reviewed the exhibits on pages 45 and 46, EX 2-25, EX 2-37, Prob 2-45, 2-46.
Compute the following information: The company's average unit cost of production, Determine the cost of the December 31 finished-goods inventory, Compute the company's cost of goods sold, and Compute the operating income. Hint: You do not need to develop any formal statements, but need to know and understand the flow of costs.
Problem 2-Worth 9 pts. Review problem on page 59 and 60, EX 2-24 and Problem 2-40
Identify the following costs as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or a period cost (PC). Also...