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UNC-Chapel Hill BUSI 101 - Normal Costing System vs. Actual Costing System

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BUSI 101 1st Edition Lecture 14Outline of Last Lecture I. Chapter 1 Managerial Accounting Reviewa. 3 types of businessb. 3 types of cost typesc. Basic Schedule, TMC, CGM, CGS, Income StatementII. Page 173 in Course PackIII. Page 38 in Managerial Accounting TextbookIV. Actual Costing versus Normal CostingV. Overapplied versus Underapplied ProblemsOutline of Current Lecture I. Managerial Accounting Chapter 2 Reviewa. Actual Costing System vs. Normal Costing SystemII. Page 72 in CoursepackIII. Page 71 in CoursepackIV. Managerial Accounting Textbook Problemsa. 2-2b. 2-9Current Lecture- No recitations this weekThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Recitations resume the week of March 16th - Midterm Key will be posted later this weekFinish Chapter 2- Extension of chapter 1Actual Costing System (most accurate)Actual DMActual DLActual OHDNormal Costing System (timely)Actual DMActual DLApplied OHDPage 72 in Coursepack- Very similar to take home problem that we will be required to do in April- Essentially a summary of Chapter 2Accounts Recievable (A)150,000700,000 720,0000130,000Cash (A) 720,000A/R (A) 720,000A. A/R (A) 700,000Sales (R) 700,000B. $490,000C. $476,000D. $18,000E. $240,000F. $110,000G. $114,000Beg. Materials 8000+Purchases 114,000 (G)Avail. Materials 122,000-End Materials 12000Materials Used 110,000DM 110,000 (F)DL 240,000 (E)Applied OHD 120,000=TMC 470,000Beg. WIP 15,000+TMC 470,000=Avail WIP 485,000-End WIP 9000=CGM 476,000Beg. FG 32000+CGM 476,000 (C)=Avail FG 508,000-End FG 18000CGS 490,000Sales 700,000-CGS 490,000 (B)=Gross ProfitManufacturing OHDActual Applied118,000 (D) 120,000 (2,000 overapplied)Page 71 in Coursepack1. Materials Inv. (A) 180,000A/P (L) 180,000Material X120,000 (8000 @ 15) 69,50055,500Material Y60,000 (6@10000) 32,40027,6002. WIP(A) 96,900Materials Inv. (A) 96,900WIP:A651 A652 A653 A654 TotalMaterials X 22,5000 30,000 9000 3000 64,500Materials Y 18,000 7,200 4200 3000 32,400DL 32,000 30,000 18,000 10,000 90,000App. OHD 28,000 28,250 15,750 8750 78,750 100,500 (CGS) 93,450(FG) 46,950 (WIP) 24,750(WIP) 265,6503. DL 90,000ITWP (L) 17,500FILAP (L) 6885UDP (L) 2615Cash (A) 63,0004.WIP Inv. (A) 90,000DL 90,0005. see chart in question 2.WIP Inv. (A) 78,750Fact OHD 78,7506. FOHD 81,000A/P 71,000A/D 10,0007. FG Inv. (A) 193,950WIP Inv. (A) 193,9508. CGS (E) 100,500FG Inv. (A) 100,500+A/R (A) SP (201,000)Sales (R) Selling Price (201,000)******Assumption that there is a 100% markup on costWIPBeg. 0DM 96,000DL 90,000 193,950 (CGM)Applied OHD 78,750End 71,700Ex. 2-2. (in Managerial Accounting Textbook)Ai. WIP Inv. (A) 10,400MFG. OHD 800Mtls. Inv. (A) 11,200Aii.WIP Inv. (A) 12,500MFG. OHD 1,200Payroll Payable (L) 13,700Aiii.WIP Inv. (A) 7500MFG. OHD 7500(60%12,500)Aiiii.WIP Inv. (A) 7540WIP Inv. (A) 7540B)429 430 431 TotalBeg. WIP 2000 1500 3500DM 2500 3500 4400 10,400DL 1900 3000 7600 12,500A/OHD 1140 1800 4560 75007540 9800 16560 33900WIP Inv. Beg. 3500DM 10400DL 12,500 7540 (CGM)App OHD 7500 26,360Ex. 2-5. (in Managerial Accounting textbook)a. Estimated OHD 325,000Machine Hours 125,000 = $2.60/MCHb. MFG. OHDActual Applied342,000 338,000 (130,000x2.60/MCH)*4,000 underappliedMFG OHD 342,000Various Credits 342,000WIP Inv. 338,000MFG OHD 338,000c. - End of the year, we want to make the actual and applied account balanceCGS (E) 4,000MFG OHD 4000Ex. 2-9.Beg. Materials 8,200+Purchases 61,300Avail. Materials 69,500-End Materials 7,100Materials Used 62,400DM 62,400DL 50,000Applied OHD 40,000=TMC 152,400Beg. WIP 14,700+TMC 152,400=Avail WIP 167,100-End WIP 17,900=CGM 149,200Beg. FG 12,600+CGM 149,200=Avail FG 161,800-End FG 9,500CGS 152,300Sales 210,000-CGS 152,300=Gross Profit 57,700C.End FG 9500End WIP 17900End Mtls.


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UNC-Chapel Hill BUSI 101 - Normal Costing System vs. Actual Costing System

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