ADMS 1500 Midterm: ADMS 1500 MIDTERM 2 NOTES

• School: York University
• Department: Administrative Studies
• Course: ADMS 1500

Document Summary

20 calculation mcqs + fill up the text box. Management functions and organizational structures: management functions. Chapter 2: managerial cost concepts and cost behaviour analysis (conceptual and calculation) Managerial cost concepts: direct material, direct labour, manufacturing overhead. The concepts of prime cost and conversion costs. The concepts of product cost and period costs. The concepts of variable costs, mixed cost, and fixed costs. Determining cost of goods sold and cost of goods manufactured. Product cost: direct material + direct labour + manufacturing overhead. Determine the variable cost per unit by using the formula in. Change in total costs / change in activity levels=variable cost per unit. High-low method: to find fixed cost = total cost of the month - (kilometres driven in the month x variable cost per km) - fixed cost. The concept of cost pool and cost driver. Overhead cost per unit = allocated overhead cost/cost driver (# of units or hours)