Summary - CHAPTER 2 Cost Concepts COGM Schedule DIRECT...

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CHAPTER 2 - Cost Concepts COGM Schedule - DIRECT things Debit Credit Income Statem 1 Direct Materials to WIP 1 Sales xxx 2 COGS + RM Purchase xxx Gross Mar RM available for use xxx 3 Selling and - xxx RM used in production xxx + 2 Direct Labor xxx 4 Net operat 3 Manufacturing Overhead xxx 4 Total Manufacturing Cost xxx + WIP Beginning xxx - WIP Ending xxx 5 Cost of Good Manufactured xxx COGS - After adding/subtracting Finished Goods (still in WIP) xxx + Cost of Good Manufactured xxx Goods available for sale xxx - xxx Cost of Good Sold xxx Raw Materials Inventory,  Beginning Raw Materials Inventory,  Ending Finished goods inventory,  Beginning Finished goods inventory,  Ending
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Debit Credit ment to WIP xxx xxx rgin = Sales - COGS Adjusted xxx d Administrative Expenses: Selling Expenses xx Administrative Expenses xx xxx ting Income = Gross Margin - SGA Expenses xxx
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CHAPTER 3 - Job-Order Costing RM = Raw Material WIP = Work In Proces Beginning Inventory MO = Manufactoring O Legend: Raw Material (already) Debit Work In Process Credit Finished Goods Formular All journal entries RW Purchased 1 RM (purchased) Accounts Payable RM Used 2 WIP <Direct Materials> MO <Indirect Materials> RM (used) Employees 3 WIP <Direct Labor> MO <Indirect Labor> Sales Commissions Expense Admin. Salaries Expense Salaries + Wages Payable Selling 4 Sales Expense Accounts Payable Utilities Factory 5 MO <Utilities for factory> Accounts Payable 6 Advertising Expense Accounts Payable Depriciation 7 MO <Factory Depriciation> Depreciation Expense Accumulated Depreciation Insurance 8 MO <Insurance for Factory> Insurance Expense Prepaid Insurance MO Applied 9 to Production MO <Used for manufactoring> Goods complete 10 Finished Goods <Products manufactured/available> Sales 11 Accounts Receivable Sales <Money from customers> COGS <Cost of Products to be sold to customers> Finished goods  COGM Schedule - DIRECT things + MO Debit Credit 1 Direct Materials to WIP Raw Materials Beginning Inventory xxx + RM Purchase xxx RM available xxx BE CAREFUL!  Always add the  Inventories WIP <  Applied MO > WIP  <Complete Products transferred to Finished Goods> Direct  Materials are  diff. from
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- RM Ending Inventory xxx RM used in production xxx !!!NO INDIRECT - Indirect Materials for MO xxx Materials in Direct Materials actually used xxx COGM in Chap2 2 Direct Labor xxx 3 MO Cost Applied to WIP
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This note was uploaded on 02/25/2010 for the course ACCOUNTING ai311 taught by Professor Dr.wai during the Spring '09 term at Abraham Baldwin Agricultural College.

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Summary - CHAPTER 2 Cost Concepts COGM Schedule DIRECT...

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