Hello, I need help with answers in Managerial Accounting Review Sheet for exam 1

I dont know number 2, 3, 4, 5, 8, 11, 17, 18, 19, 22, 23

p.s. I attach the review sheet file

Thank you!

STUDY GUIDE FOR EXAM 1 1. Know how to compute, utilize to answer a problem, and describe/define: a. CM per unit; EXAMPLE (Sales - Variable Cost) / units; the % of each sales dollar available to cover fixed costs and produce a net operating income; equals 1 - VC per unit b. VC per unit c. VC Ratio d. CM Ratio e. BE point in sales units f. BE point in sales dollars g. Sales units required to earn a target income h. Sales dollars required to earn a target income 2. In the expression y = mx + b, now the correct managerial accounting term related to each term and factor as follows: a. y, The total cost, the dependent variable b. m, The variable rate, the Slope c. x, The number of units of the driver, e.g. hours, the independent variable d. b, the fixed cost, the constant, the y intercept 3. Know how to use the above expression to compute any missing term or factor when given the others in a fact situation Know the differences between, and the relative advantages and disadvantages of, the high-low and regression methods of developing the line and expression to define cost. 4. BE ABLE TO SOLVE FOR THE COST FORMULA USING THE REGRESSION METHOD IN A CALCULATOR (I showed how on a TI BA II Plus, the easiest) 5. Know how to compute the total cost of manufacturing and the per unit cost of a product manufactured. 6. Know how to use the expression Beginning Inventory + Additions Reductions = Ending Inventory; and, know what the term additions, and reductions, mean with respect to Raw Materials Inventory, Work in Progress Inventory, and Finished Goods Inventory. EXAMPLE: Additions for WIP would be DM, DL, and OH applied, and deductions would be 'Transfers' of finished product to Finished Goods Inventory. 7. Know the definitions and examples of period costs (e.g. accounting department salaries, R&D costs, SG&A expenses) and product costs (DM, DL, OH) and the differences between them. 8. Know is what activities of the organization the controller participates. 9. Know the difference between 'Direct' and 'Indirect' and examples of both with respect to raw materials and labor costs. 10. Know the difference between 'Prime' and 'Conversion' costs, which product costs fit in each category, and how to compute the unit cost of type for a period. 11. Know what 'relevant range' means and the characteristics that describe it, e.g. 'might change if operating capacity is expanded', 'is normal range', 'range where cost relationships hold'. 12. Know how to examine the cost behavior of an item to find out whether it is variable, or fixed. EXAMPLE: If Cost for 5 units is $10, for 10 units is $20, for 50 units is $100, the cost is variable whereas if the cost for 5 is $10, for 10 is $15, for 50 is $300 it would likely be a fixed cost unit. 13. Know the difference between discretionary and committed fixed costs. 14. Know how to solve for different variable when given the others in the expression: Sales- Variable Cost = Contribution Margin - Fixed Costs = Net Operating Income 15. Know the definition of 'Job Order Cost Sheet' and what it shows 16. Know how to compute the Break Even level for a multi-product company using the 'package' method based on 'Expected Sales Mix'. 17. Be familiar with what effect different changes, e.g. increase or decrease in variable cost per unit, increase or decrease in Fixed costs, have on the BE level, e.g. if sales price rises, does BE increase or decrease? 18. Know how to calculate the 'Sales Mix Ratio' required for above. 19. Know what Raw Materials Inventory, Work in Progress Inventory, and Finished Goods inventory mean and how a product progresses through these inventory accounts and is delivered to a customer. 20. Know how to compute the 'Pre-determined Rate' and how to use it for applying Overhead to Work in Progress. Know examples of a couple of 'drivers' we've mentioned and how those drivers are used to calculate 'Applied Overhead' 21. Be familiar with ACTUAL items charged to Overhead period accounts, e.g. Factory rent, Plant Insurance, R&M Costs, and how to 'reconcile' the actual overhead amounts for a period to the applied amounts. 22. Know what 'Under applied' and 'over applied' mean and how those respective balances, differences, during a period are disposed of in the accounts. 23. Know the difference between 'Cost of Goods Manufactured' and Cost of Goods Sold', how to calculate each given inventory and cost values. 24. Know what 'CPA' means and the duties, and requirements, of that designation. 25. For Degree of Operating Leverage: Know how to compute it, how it's used, and how to define it. There are four questions on the exam that require you to 'think' - - the rest are either 'know the definition' or 'know how to use a math expression'. THE FORMULA SHEET YOU'LL FIND ON D2L WILL BE ATTACHED AS THE LAST PAGE OF THE EXAM FOR YOU TO USE THE FORMULAE APPROPRIATE TO CHAPTERS 1 THROUGH 5 ON THE SHEET. Exam is 50 questions or problems. Bring only a green scantron, #2 Pencil, good eraser, and appropriate calculator to the exam - - no scratch paper as the reverse sides of the exam pages can be used for any pencil calculations required