This class was moderately difficult as there is a lot of material to absorb. I watched the recorded cohorts which provided a good foundation but wasn’t enough.
I found the course material confusing and open-ended, so I quickly abandoned it and looked for other resources. After consulting Reddit, I watched several YouTube
videos on Managerial Accounting by Edspira and several others by Larry the Accounting Tutor.
Several formulas are provided on the exam, so the only ones I memorized were total manufacturing overhead, cost of goods manufactured, and cost of goods sold.
The Accounting Tutor Managerial Accounting
Ignore the training material and watch the cohorts. After that, check out YouTube for some better resources. Memorize the “big 3” formulas.
Total Manufacturing Costs (TFC) = Direct Labor (DL) + Direct Materials (DM) + Total Overhead [Indirect Costs] (TO)
Cost of Goods Manufactured (COGM) = Beginning Work in Process (BWIP) + Total Manufacturing Costs (TFC) - Ending Work in Process (EWIP)
Cost of Goods Sold (COGS) = Beginning Finished Goods Inventory (BFGI) + Cost of Goods Manufactured (COGM) - Ending Finished Goods Inventory (EFGI)