productcostingACC200SP2009

productcostingACC200SP2009 - Chapter Objectives Product...

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Chapter Objectives: Product Costing: Manufacturing Processes, Cost Terminology and Cost Flows Describe the production process in a traditional manufacturing environment and a lean production (just- in-time) environment Describe the components of manufacturing costs Contrast manufacturing and nonmanufacturing costs Describe cost flows in a manufacturing company Calculate the cost of goods manufactured and cost of goods sold using the cost of goods sold model Contrast product and period costs as they flow to the income statement
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Management Decision Cycle FINANCING DECISIONS INVESTING DECISIONS OPERATING DECISIONS FUNDING OPERATING PROFIT INVESTMENTS
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Reporting Of Operating Activities Service Company + Revenues - Cost of Services = Gross Margin/Profit - Expenses = Net Income Product Company + Revenues - Cost of Goods Sold = Gross Margin/Profit - Expenses = Net Income
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Manufacturing Production Process Manufacturing companies purchase raw materials from other companies and transform
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productcostingACC200SP2009 - Chapter Objectives Product...

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