Class Notes Tuesday 1

Class Notes Tuesday 1 - -prime cost dm dl-conversion costs...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Class Notes Tuesday 1/25 -product costs (direct materials, direct labor, overhead) -associated with manufacturing of products -non production costs -everything else including distribution and selling/administration costs -crucial, but do not add value to product -direct materials and labor directly traced to production -overhead- all other production costs -electricity, supplies, indirect labor -Indirect materials- I.E temporary support beams -Indirect labor- manager’s salary -unit cost= total product cost/# units produced
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: -prime cost- dm, dl-conversion costs- dm, ovrhd, dl-period costs- expensed in period incurred-inventory is asset until sold-selling costs- marketing, distribution, product service-admin- research and development, general administration, accounting, legal-purchases does NOT equal materials used Beginning inventory +purchases-ending inventory =materials used-work in process- partially completed good still on factory floor at end of period...
View Full Document

This note was uploaded on 05/04/2011 for the course ACCOUNTING 2102 taught by Professor Wurst during the Spring '11 term at Temple.

Ask a homework question - tutors are online