Busi 101 Notes 1:19:11

Busi 101 Notes 1:19:11 - production such as paint of ice...

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Busi 101 Notes 1/19/11 Prime costs: DM+DL Conversion Costs: DL+FO CIM: Computer integrated manufacturing, means that COMPUTERS are manufacturing and integrating all parts of manufacturing, speeds up communication through factory (not people) Ex : TMC: 600 Finished Goods: Increased by 40 WiP: Decreased 20 (WiP=Work in Process) CGM? 620 CGS? 580 We use: Third and Fourth Step, plug in numbers we have! Beginning WiP 20 +TMC 600 Available Goods 620 -End WiP 0 CGM 620 Beginning Finished Goods 0 +CGM 620 Goods Available for Sale 620 -End Finished Goods 40 CGS 580 Chapter 2 Job Order Costing (ch. 2) vs. Process Costing (ch. 3) o Job Order Costing: Tailor made or “unique” goods, such as missiles or a bridge. There is a smell breadth of denominator, not millions o Process Costing: Continuous mass production of common
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Unformatted text preview: production such as paint of ice cream. There is a large breadth of denominator (mass producing millions) • Actual costing system (ch. 1) vs. Normal costing system (ch. 2) o Actual costing system uses ACTUAL DL, DM, and FO… very accurate o Normal costing uses ACTUAL DM and DL, but applied overhead. Less accurate, but able to produce without having every cost down perfectly, more efficient • 3 Financial Statements: o Income statement: net revenue=income-expenses o Balance sheet: assets=liability + Owner equity o Statement of cash flows: change in cash • Journal Entry: Account debited Account credited • Cost driver=factor causing incurrence of cost • Estimated overhead/estimated machine hours=applied overhead...
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Busi 101 Notes 1:19:11 - production such as paint of ice...

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