UT Knoxville ACCT 200 - Final Exam Study Guide
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ACCT 200Final ExamI. Chapter 4 is most heavily tested, then Chapter 10, then 13, then 11, then 12II. FOB shipping point—buyer pays shipping and carries risk of loss in trtansit; increase cost of inventory (shipping)III. FOB destination—seller pays shipping, assumes risk of loss in transit; seller records shipping as expenseIV. Online Practice Exam #7 (at least two problems like this)a. Beginning materials 0b. + materials purchased 285000c. – indirect materials 35000d. –direct materials (X)e. ending materials 25000f. X = 225000V. Practice Exam #8a. DM 225000b. DL Xc. FOH 65000d. Total manufacturing cost 465000e. X = 175000f. **WIP = manufacturing costVI. Flow Charta. End materialsi. Beginning materialsii. + purchasesiii. – indirect materials usediv. – direct materials usedb. ending WIPi. beginning WIPii. + direct materials (from above “direct materials used”)iii. + direct laboriv. + applied FOHv. – transfers to finished goodsc. Ending finished goodsi. Beginning finished goodsii. + transfers from WIP (from above “transfers to finished goods”)iii. – cost of goods sold expenseVII. Practice Exam #12a. 34000 – 1000 = 33000 = net purchasesb. purchase discount = 33000 x .02 = 660c. 33000 – 660 = 32340VIII. Practice Exam #13a. Increase AIR 34000b. Increase sales revenue 34000c. Cost of goods expense (18500)d. Inventory

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