WGU D101 COST AND MANAGERIAL ACCOUNTING
EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A
AND B) COMPLETE 400 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
manufacturing organizations - ANSWER: any organization whose main economic
activity involves using components or raw materials to make finished goods for sale
to customers
service organizations - ANSWER: any organization whose main economic activity
involves producing a nonphysical product that provides value to a customer
merchandising organizations - ANSWER: any organization whose main economic
activity involves purchasing finished goods and reselling them to customers
price-taker - ANSWER: a company that competes in a market by providing goods and
services
job order costing - ANSWER: the process of tracking the costs of an individual
product
price-maker - ANSWER: a company that determines the price of a product based on
costs and markup
raw materials inventory - ANSWER: inventory of raw materials that have not yet
begun the production process
work-in-process inventory - ANSWER: inventory that is partly completed in the
production process but not yet ready for sale to customers
finished goods inventory - ANSWER: inventory that has completed the production
process and is ready for sale to customers
period costs - ANSWER: costs associated with activities or facilities outside the
factory
cost of goods sold - ANSWER: cost of products sold in a company, including costs of
materials used to create product and labor costs
manufacturing overhead rate - ANSWER: the rate at which manufacturing overhead
costs are assigned to products; equals estimated manufacturing overhead costs for
the period divided by the number of units of the activity base being used
, predetermined overhead rate - ANSWER: a rate at which estimated manufacturing
overhead costs are assigned to products throughout the year; equals total estimated
manufacturing overhead costs divided by a suitable allocation base such as a nukber
of units produced
estimated manufacturing overhead - ANSWER: budgeted manufacturing overhead
costs that are used to establish the predetermined overhead rate
actual manufacturing overhead - ANSWER: manufacturing costs other than direct
materials and direct labor
applied manufacturing overhead - ANSWER: the amount of the manufacturing
overhead that is assigned to the goods produced; this is usually done by using a
predetermined annual overhead rate
underapplied manufacturing overhead - ANSWER: the excess of actual
manufacturing overhead costs over the applied overhead costs for a period (based
on a predetermined application rate
overapplied manufacturing overhead - ANSWER: the excess of applied
manufacturing overhead (based on a predetermined application rate) over the
actual manufacturing overhead costs for a period
cost of goods manufactured schedule - ANSWER: a schedule supporting the income
statement that sumarizes the total cost of goods manufactured and transferred out
of the work-in process inventory account during a period; these costs include direct
materials, direct labor, and applied manufacturing overhead
gross margin - ANSWER: the excess of net sales revenue over the cost of goods sold
process costing - ANSWER: a method of product costing whereby production costs
for a period are accumulated and then averaged over all units manufactured during
that period
ending work-in-process inventory - ANSWER: the cost of partially vompleted work at
the end of an accounting period
beginning work-in-process inventory - ANSWER: the ending work-in-process
inventory that is carried over from the last accounting period to the current
accounting period
conversion costs - ANSWER: all product costs necessary to "convert" raw materials
into finished goods (for example, costs of direct labor and manufacturing overhead
are considered conversion costs)
assigning production costs steps - ANSWER: 1. identify the units that went into each
process and identify where those units are at the end of the production period
EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A
AND B) COMPLETE 400 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
manufacturing organizations - ANSWER: any organization whose main economic
activity involves using components or raw materials to make finished goods for sale
to customers
service organizations - ANSWER: any organization whose main economic activity
involves producing a nonphysical product that provides value to a customer
merchandising organizations - ANSWER: any organization whose main economic
activity involves purchasing finished goods and reselling them to customers
price-taker - ANSWER: a company that competes in a market by providing goods and
services
job order costing - ANSWER: the process of tracking the costs of an individual
product
price-maker - ANSWER: a company that determines the price of a product based on
costs and markup
raw materials inventory - ANSWER: inventory of raw materials that have not yet
begun the production process
work-in-process inventory - ANSWER: inventory that is partly completed in the
production process but not yet ready for sale to customers
finished goods inventory - ANSWER: inventory that has completed the production
process and is ready for sale to customers
period costs - ANSWER: costs associated with activities or facilities outside the
factory
cost of goods sold - ANSWER: cost of products sold in a company, including costs of
materials used to create product and labor costs
manufacturing overhead rate - ANSWER: the rate at which manufacturing overhead
costs are assigned to products; equals estimated manufacturing overhead costs for
the period divided by the number of units of the activity base being used
, predetermined overhead rate - ANSWER: a rate at which estimated manufacturing
overhead costs are assigned to products throughout the year; equals total estimated
manufacturing overhead costs divided by a suitable allocation base such as a nukber
of units produced
estimated manufacturing overhead - ANSWER: budgeted manufacturing overhead
costs that are used to establish the predetermined overhead rate
actual manufacturing overhead - ANSWER: manufacturing costs other than direct
materials and direct labor
applied manufacturing overhead - ANSWER: the amount of the manufacturing
overhead that is assigned to the goods produced; this is usually done by using a
predetermined annual overhead rate
underapplied manufacturing overhead - ANSWER: the excess of actual
manufacturing overhead costs over the applied overhead costs for a period (based
on a predetermined application rate
overapplied manufacturing overhead - ANSWER: the excess of applied
manufacturing overhead (based on a predetermined application rate) over the
actual manufacturing overhead costs for a period
cost of goods manufactured schedule - ANSWER: a schedule supporting the income
statement that sumarizes the total cost of goods manufactured and transferred out
of the work-in process inventory account during a period; these costs include direct
materials, direct labor, and applied manufacturing overhead
gross margin - ANSWER: the excess of net sales revenue over the cost of goods sold
process costing - ANSWER: a method of product costing whereby production costs
for a period are accumulated and then averaged over all units manufactured during
that period
ending work-in-process inventory - ANSWER: the cost of partially vompleted work at
the end of an accounting period
beginning work-in-process inventory - ANSWER: the ending work-in-process
inventory that is carried over from the last accounting period to the current
accounting period
conversion costs - ANSWER: all product costs necessary to "convert" raw materials
into finished goods (for example, costs of direct labor and manufacturing overhead
are considered conversion costs)
assigning production costs steps - ANSWER: 1. identify the units that went into each
process and identify where those units are at the end of the production period
