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;
13 Cards in this Set
- Front
- Back
Calculate COGM |
DM +DL +OH =Total manufacturing costs +Beginning GIP -end GIP |
|
Calculate COGS |
Beginning FG +COGM =goods available for sale -End FG
|
|
Calculate Units to account for |
Beginning GIP (units) +Units started |
|
Calculate completed/transferred units |
Units to account for -End GIP (units) |
|
Calculate direct materials used |
Beginning raw materials inventory +raw material purchases =raw materials available for use -Ending raw materials inventory |
|
Calculate Factory overhead |
Indirect Labor +indirect materials +Other factory overhead items |
|
What are conversion costs |
Direct labor +Manufacturing Overhead |
|
Product costs can be classified as one of these three types... |
Direct Materials Direct Labor Overhead |
|
Journal entry Raw materials costing $55 purchased with a check |
raw materials +55 Cash -55 |
|
Journal entry Production personnel requisitioned: direct material $25 and indirect material $10
|
GIP +25 OH +10 Raw material -35 |
|
Journal entry |
. |
|
Journal entry |
. |
|
Journal entry |
. |