Chapter 09 and Chapter 02

Chapter 09 and Chapter 02 - 1 Beginning Inventory 2...

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Chapter 09 and Chapter 02 Product costs- costs incurred in producing a finished item and to the extent that the item has not been sold at end of year, it is carried forward on the balance sheet on inventory. Period Costs – expense in which the period incurred. FIFO, LIFO, Weighted-Average Most companies choose to use LIFO. Chapter 09
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Unformatted text preview: 1. Beginning Inventory 2. Produced 6,000 Units 3. Sold 5,000 units at $20 each 4. Ending Inventory 1,000 units Direct Material $2 – product costs Direct Labor 4 – product costs $7 $7000 MVOH 1 – product costs MFOH 30,000 - SG&A-Variable $3 per unit sole – period costs-Fixed $10,000 – period costs...
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This note was uploaded on 11/08/2011 for the course ECON 102 taught by Professor Smith during the Spring '11 term at Saddleback.

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