ReviewEssays.com - Term Papers, Book Reports, Research Papers and College Essays
Search

Accounting

Essay by   •  December 7, 2010  •  Case Study  •  776 Words (4 Pages)  •  1,313 Views

Essay Preview: Accounting

Report this essay
Page 1 of 4

AC505- MANAGERIAL ACCOUNTING WORKSHEETS

COST OF GOODS MANUFACTURED SCHEDULE

Direct Materials:

Raw Materials Inventory _______

Add: Purchases of raw materials _______

Raw Materials Available for Use _______

Deduct: Raw Materials Inventory _______

Raw Materials ________

Direct Labor ________

Manufacturing Overhead:

Rent on Facilities ________

Insurance ________

Indirect Labor ________

Utilities ________

Maintenance, factory ________

Depreciation, factory ________

Total Overhead Costs ________

Total Manufacturing Costs ________

Work in process inventory ________

Deduct: Work in process inventory ________

Cost of Goods Manufactured ________

COST OF GOODS SOLD

Beginning Finished Goods Inventory ________

Add: Cost of Goods Manufactured ________

Cost of Goods Available for Sale ________

Deduct: Finished Goods Inventory, ________

Cost of Goods Sold ________

INCOME STATEMENT

Sales ________

Less: Cost of Goods Sold _______

Gross Margin ________

Less: Administrative Expenses _______

Less: Selling Expenses _______

Net Operating Income ________

*******************************************************************************************************

JOINT PRODUCT COSTING

Units Price Total

Product A (# of Units) x Unit Price = $$$

Product B

Total

Revenue, if processed further

Less:

Additional Opportunity Costs ($$$)

Total Cost of Processing

Net Disadvantage of Processing

_______________________________________

Alternative Method:

Revenue if processed further $$$$

Revenue if Sold As Is -($$$)

Incremental Revenue

Incremental Cost of Processing -($$$)

Incremental Disadvantage $$$$

MAKE/BUY DECISION

Make Buy (Seller Offering Goods)

Direct Materials

Direct Labor

Variable Overhead (% x #)

Total Cost to Make

Cost To Buy

Cost Saving

******************************************************************************************************

FLEXIBLE BUDGETING

Original Budget Actual Costs

Direct Materials

Direct Labor

Variable Overhead

Fixed Overhead

Total

(Note: Divide Units by each of the above to get Unit Price)

Cost Formula: Total Cost = Variable Cost + Fixed Cost

(SP x SQ) (AQ x SP) (AQ x AP) (2-3)

Original Budget Flexed Budget Actual

(Units) (Units) Cost Variance

Item (Always Given) (Always Given)

(Price divided by Units = Unit Price)

(Note: Subtract Flexed Budget # from Actual # to get Variance)

CONTRIBUTION MARGIN INCOME STATEMENT

Sales (Unit Price x Units Sold) ____________

Variable Costs:

Manufacturing (Unit Cost x Units Sold) _________

Selling and Administrative

(Unit Cost x Units Sold) ________ ____________

Contribution Margin ____________

Fixed Costs

Manufacturing ________

Selling and Administrative ________ ____________

Operating Income ____________

(TRADITIONAL)

Sales __________

Cost of Goods Sold

Variable: ________

Fixed ________ __________

Gross Profit __________

Selling and Administrative Expenses

Variable _______

Fixed _______ __________

Operating

...

...

Download as:   txt (6.8 Kb)   pdf (103.1 Kb)   docx (12.4 Kb)  
Continue for 3 more pages »
Only available on ReviewEssays.com