acct213 - Service income statement Costs Revenues-Costs of...

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Service income statement Merchandising Company Product Costs Period Costs Revenues Revenues -Costs that include inventory - non-manufacturing costs -Costs of Services Sold -Costs of Goods Sold -manufacturing costs -marketing and administrative =Gross Margin =Gross Margin -become an expense when the products are sold -Marketing and administrative costs -Marketing and Administrative Costs =operating profit =operating profit Inventory Accounts Balance Sheet Cost of Goods Sold Statement Beg FG inventory Jan 1 Direct Materials Inventory Work-in-Process Inventory Finished Goods Inventory + Cost of Goods Manufactured = FG available for sale Beg. RM inventory Beg. WIP Inventory Beg FG inventory -Ending FG inventory +Purchases +Direct Materials transferred from raw materials +Cost of Goods completed and transferred from WIP =Costs of Goods Sold =RM available for production +Direct labor =Goods available for sale -Ending RM inventory +Manufacturing Overhead -ending FG inventory =Raw Materials transferred to WIP = Total Manufacturing costs =cost of goods sold -Ending WIP Inventory = Costs of Goods Manufactured
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