WGU C253 Managerial Accounting, Exam Review Questions. Latest update, VERIFIED 2024

Pre-determined overhead rate formula - -projected overhead costs / expected activity base applied overhead formula - -pre-determined overhead rate x actual units of allocation based (such as direct labor hours) Under/over applied overhead rate = - -actual MOH - applied MOH Job cost = - -Direct materials + direct labor + applied MOH + (beg wip - ending wip) Cost of good sold = - -cost of goods manufactured + (beginning finished goods - ending finished goods) adjusted cost of goods sold = - -cost of goods manufactured + (beginning finished goods - ending finished goods) +/- under/over applied MOH Process Costing - -A system for assigning costs to a large number of identical units that typically pass through a series of uniform production steps. Costs are averaged over the units produced such that each unit bears the same unit cost. Weighted Average Method - -a process costing method that blends together units and costs from both the current and prior periods Weighed average units transferred = - -beginning units + units started - ending WIP