Chapter 13-Friday-students

Chapter 13-Friday-students - ACC 241 Chapter 13 Continued...

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Copyright © 2010 School of Accountancy, Arizona State University ACC 241 – Chapter 13 Continued Please pick up handout in the back of the room .
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Copyright © 2010 School of Accountancy, Arizona State University Cost Concepts Review-From Wednesday Cost Object Direct vs Indirect Costs Product Costs (Manufacturing/Inventoriable) Direct Materials, Direct Labor, Manufacturing Overhead Period Costs (S,G & A, Operating Expenses)
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Copyright © 2010 School of Accountancy, Arizona State University 2-3 Product and Period Costs Type of Company Inventoriable Product Costs Period Costs Service Company None All costs along the value chain Merchandising Company Purchases plus cost of freight All costs except purchases Manufacturing Company Direct Materials, Labor and MFG OH All costs except production Accounting Treatment Inventory, then expense Always Expense
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Copyright © 2010 School of Accountancy, Arizona State University Classifications of Costs in Manufacturing Companies Direct Material Direct Labor Manufacturing Overhead Prime Cost Conversion Cost Manufacturing costs are often combined as follows:
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Direct Materials + Direct Labor + Overhead Total Product Cost Per Unit Cost Number of Units Produced Total Product Cost
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Chapter 13-Friday-students - ACC 241 Chapter 13 Continued...

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