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16 - LastWeekReview o o o o CostCategories CostFlow...

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Last Week Review o Cost Categories  o Cost Flow o Normal vs. Actual Costing o Process vs. Job-Order Costing How do all of these costs relate? o Raw Materials Beginning Balance +Purchases (Issued to Production) Ending Balance o Work In Process Beginning Balance +Direct Materials +Direct Labor +Overhead (COGM)                                     Ending Balance  o Finished Goods Beginning Balance +COGM (COGS)                   
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Ending Balance  o Cost of Goods Sold flows into the Income Statement while all of the ending  balances are reflected in the balance sheet.  This is how these costs become  reported on the financial statements. o COGM rarely equals COGS.  What happens if the firm manufactures 1,000,000  units but only sells one of those units.  These numbers are vastly different.  
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