Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Prime. Cost |
Direct material Direct labor |
|
|
Conversion cost |
Direct labor Manufacturing overhead |
|
|
Total manufacturing cost |
Direct material + direct labor + manufacturing overhead |
|
|
Direct material used |
Direct material beginning + purchases - Direct material and |
|
|
COGM |
Total manufacturing cost + WIP BEGINNING - WIP end |
|
|
COGS |
COGM + FG beginning - FG end |
|
|
Cost accounting income statement |
Sales - COGS = gross profit or gross margin - Operating expenses = Operating income |
|
|
Statement of cost of goods manufactured |
Direct material: Inventory beginning +purchases =materials available - ending inventory = direct materials used in production Direct lab Manufacturing overhead = total manufacturing cost added + beginningWiP - EndingWiP = cOGM
|
|
|
Statement of cost of goods sold |
COGM + FG Beg = COG A 4 S - FG End = COGS |
|
|
What are expired costs definition? |
Expired costs are called expenses |
|
|
What is a loss definition? |
A loss is a cost that expires without producing any revenue benefits |
|
|
What are assets definition? |
Costs that has not expired in a given period are called assets. They appear on a balance sheet. (the only difference between a cost being classified as an expense or as an asset is timing ) |
