ACCOUNTING 200 EXAM 3 QUESTIONS WITH 100% CORRECT ANSWERS

COGS expense


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The direct materials, direct labor and FOH costs of goods sold in the
current period




Markup percentage


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Total goods/total cost

,To record the application of FOH costs


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Increases WIP decreases Factory overhead




Gross Profit


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Net sales-COMS




What happens tot he BEP if fixed costs change


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If FC increases we must sell more units to break even ( FC ↑ BE ↑)


If FC decreases we can sell fewer units and still break even ( FC ↓ BE ↓)




Direct labor


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, a significant portion of the total costs of the product, easily traced to the
final product, integral to the product




Price


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Total cost + desired goods




Direct labor variance


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Standard price(actual quantity- standard quantity)




Direct materials quantity variance


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Standard price ( actual quantity-standard quantity)




Standard quantity


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