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ACC212 Chapter 2

by: taylor Notetaker

ACC212 Chapter 2 ACC 212

Marketplace > University of Miami > ACC 212 > ACC212 Chapter 2
taylor Notetaker
GPA 3.4
Managerial Accounting
Mario Perez

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ACC212 Chapter 2
Managerial Accounting
Mario Perez
Class Notes
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This 2 page Class Notes was uploaded by taylor Notetaker on Wednesday March 11, 2015. The Class Notes belongs to ACC 212 at University of Miami taught by Mario Perez in Winter2015. Since its upload, it has received 24 views.

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Date Created: 03/11/15
Objective cost Direct cost Indirect cost In notebook Product cost vs period st Retailer vs manufacturer 1 product cost 2 balance sheet 3 income statement manufacturer product cost direct materials direct labor manufacturing overhead indirect materials indirect labor ltltltltltltltltltltltquotat the factory other cost three inventories on balance sheet 1 raw materials inventory 2 workinprocess inventory 3 nished goods inventory income statement looks like sales revenue less cost of goods solds expense gross pro t less operating expenses selling expenses administrative expenses net income H rH r U rH r rH r retailer cost of goods sold schedule beginning nished goods inventory costs of goods available for sale ending nished goods inventory Acc212 chapter 2 9413 cost of goods sold manufacturer cost of goods sold schedule beginning nished goods inventory costs of goods available for sale ending nished goods inventory cost of goods sold to get this number create cost of goods manufactured schedule Step 1 gure out direct materials that were USED beginning raw materials inventory raw materials purchased raw materials available for use ending raw materials inventory direct materials USED Step 2 direct labor cost assembly line workers Step 3 manufacturing overhead indirect materials indirect labor ltltltltltquotat the factoryquot I HDrJdDrdeq other costs I Step 4 total manufacturing costs for the period 123 bedinnind workinprocess inventorv cost of goods available to be nished ending workinprocess inventory cost of goods manufactured ltltwe nished completed quotquotmeans if you make a mistake in 1 2 or 3 you re screwed for 4


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