Advantages of Variable Costing and the Contribution Approach- LO 6-3
Managerial Accounting
Garrison, Noreen, and Brewer
17th Edition
Which of the following costing is best used for cost-volume-profit analysis?
Which of the following costing is best used for cost-volume-profit analysis?
Asks about allocation of transaction prices and what it is based on…
Calculate sales revenue, cost of goods sold, ending inventory. Prepare the gross profit section of a partial income statement, and record any necessary adjustment on December 31st.
Your numbers will vary.
Asks about the difference between absorption and variable costing with long winded, wordy answers.
Asks about bad debts and if they should be recognized as an expense
Given the inventory, additional inventory purchased, and the cost of inventory… calculate the cost of goods sold for the year.
Your numbers will vary.
Given a grid of revenues, cost of goods sold, gross profit, operating expenses, and net income… fill in the missing amounts.
Your numbers will vary.
Given beginning inventory, two purchases, units purchased unit cost, and the total cost… calculate ending inventory under FIFO inventory system.
Your numbers will vary.
Given the beginning, purchases, unit cost, total cost, and amount sold… calculate the ending inventory and cost of goods sold using the LIFO inventory system.
Your numbers will vary.
Given the beginning inventory, purchases, units, unit cost, and units sold… calculate the ending inventory and cost of goods sold using weighted-average cost. This is ONLY for the weighted-average cost method. This is NOT for LIFO, this is NOT for FIFO.
Your numbers will vary.