Chapter 2 Class Notes

Chapter 2 Class Notes - – Withdrawals = E.I B.I Additions...

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Chapter 2 Class Notes Fixed Cost vs. Variable Cost Direct Cost vs. Indirect Cost
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Product Cost vs. Period Cost Product Cost (manufacturing): Direct Materials ( variable ) Direct Labor ( variable )
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Manufacturing O.H. ( variable (All Indirect Mfg. Cost) ) Period Cost:
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Selling Cost ( variable & fixed ) Administrative Cost ( , usually fixed )
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Manufacturing Inventory Calculations B.I. + Additions
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Unformatted text preview: – Withdrawals = E.I. B.I. + Additions – E.I. = Withdrawals Inventory Additions Withdrawals Raw Materials Purchases Direct Materials (and indirect materials) Work – In – Process DM, DL, MOH Cost of Goods Mfg. (=Total Mfg Cost) Finished Goods Cost of Goods Mfg. Cost of Goods Sold Additional Cost Terms • Opportunity Cost • Prime Cost • Conversion Cost...
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Chapter 2 Class Notes - – Withdrawals = E.I B.I Additions...

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