BUS 322 Study Guide - Midterm Guide: Total Absorption Costing, Cost Driver, Gross Profit

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I/s as expense when fin g = sold: period = selling & admin cost, matched (deducted) w/rev of specific time period, goes on: Cogs: cogs = beg fin g inv. + cogm end fin g inv: cogs: + tmc incurred end wip inv: begin w/partially completed units (beg wip inv. ), which is based on manu costs in previous period: this year, use manu costs to finish beg wip inv, the(cid:374), the rest of this (cid:455)ear"s (cid:373)a(cid:374)u costs go towards starting production of new g, cogm: Moh applied: b/s for accounting for inventory for a manu company (listed in order of liquidity): Fin g inv: steps, accumulate manu costs incurred, assign accumulated costs to work done, dm/dl used, moh applied, fin g & cogs = recognized. Activity-based costing: abc = approa(cid:272)h for (cid:272)al(cid:272)ulati(cid:374)g oh (cid:272)osts for (cid:373)ultiple depart(cid:373)e(cid:374)ts that use differe(cid:374)t proportio(cid:374)s of the fa(cid:272)tor(cid:455)"s.

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