Week 2 day 2 - Day 2 of Week 2 MBA 510 Finish Basic Cost...

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Day 2 of Week 2 MBA 510 Finish Basic Cost Management Concepts Chapter 2 Exercise 2-24 and 2-40
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Classifications of Costs in Manufacturing Companies Prime Cost Conversion Cost Manufacturing costs are often combined as follows: Direct Material Direct Labor Manufacturing Overhead
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Manufacturing Cost Flows Manufacturing Overhead Direct Material Direct Labor Work in Process Inventory
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Manufacturing Cost Flows Manufacturing Overhead Direct Material Direct Labor Finished Goods Inventory Work in Process Inventory
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Manufacturing Cost Flows Manufacturing Overhead Direct Material Direct Labor Finished Goods Inventory Cost of Goods Sold Work in Process Inventory
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Comet Computer Corporation Schedule of Cost of Goods Manufactured Raw material used 134,980 $ Direct labor 50,000 Total manufacturing overhead 230,000 Total manufacturing costs 414,980 $ Add: Work-in-process inventory, January 1 120 Subtotal 415,100 $ Deduct: Work-in-process inventory, December 31 100 Cost of goods manufactured 415,000 $ Schedule of Cost of Goods Manufactured
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Comet Computer Corporation Schedule of Cost of Goods Manufactured Raw material used 134,980 $ Direct labor 50,000 Total manufacturing overhead 230,000 Total manufacturing costs 414,980 $ Add: Work-in-process inventory, January 1 120 Subtotal 415,100 $ Deduct: Work-in-process inventory, December 31 100 Cost of goods manufactured 415,000 $ Schedule of Cost of Goods Manufactured Computation of Cost of Raw Material Used Raw-material inventory, January 1 6,000 $ Add: Purchases of raw materials 134,000 Raw material available for use 140,000 Deduct: Raw material inventory, December 31 5,020 134,980 $
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Comet Computer Corporation Schedule of Cost of Goods Manufactured Raw material used 134,980 $ Direct labor 50,000 Total manufacturing overhead 230,000 Total manufacturing costs 414,980 $ Add: Work-in-process inventory, January 1 120 Subtotal 415,100 $ Deduct: Work-in-process inventory, December 31 100 Cost of goods manufactured 415,000 $ Schedule of Cost of Goods Manufactured Include all direct labor costs incurred during the current period.
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Comet Computer Corporation Schedule of Cost of Goods Manufactured Raw material used 134,980 $ Direct labor 50,000 Total manufacturing overhead 230,000 Total manufacturing costs
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Week 2 day 2 - Day 2 of Week 2 MBA 510 Finish Basic Cost...

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