AC239 Unit 3 Glossary - Cost of any material that is an...

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AC 239 Unit 3 Glossary 08/17/09 Cost of Finished Good Available: Determined by adding the beginning finished goods inventory to the cost of goods manufactured during the period Cost of Goods Manufactured: Total cost of making products that are available for sale during the period Cost of Goods Sold: Is determined by subtracting the ending finished goods inventory from the cost of finished goods available for sale Cost of Merchandise Sold: Determined by subtracting the ending merchandise inventory from the cost of merchandise available for sale Direct Costs: Are identified with and can be traced to a cost object Direct Labor Costs: Cost of employee wages that is an integral part of the finished product Direct Material Cost:
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Unformatted text preview: Cost of any material that is an integral part of the finished product Finished Good Inventory: The inventory consists of completed (or finished) products that have not been sold Indirect Costs: Cannot be identified with or traced to a cost object Managerial Accounting: Information is designed to meet the specific needs of a company’s management Period Cost: Consist of selling and administrative expenses Product Costs: Consist of manufacturing costs: direct materials, direct labor, and factory overhead Work in Process Inventory: The inventory consist of the direct materials, direct labor, and factory overhead costs for products that have entered the manufacturing process...
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