COST-2&3 - Cost Terms, Concepts & Classifications...

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1 Learn the language of cost accounting Understand the nature of costs Have fun
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2 Financial Accounting Cost Classification Direct Material Materials that can be physically traced to a product. Direct Labor Labor that can be physically traced toa product. Manufacturing Overhead All cost of manufacturing a product or providing a service other than direct  material and direct labor. Costs to secure customer orders and deliver the product/service to the customer  Period versus Product Costs SG&A versus DM + DL + MO
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3 Inventory on the Balance Sheet Raw Materials Materials used to make a product Work in Process Partially complete products Finished Goods Unsold completed products
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The Algebra of Inventory       Beginning Balance  +  Purchases (Additions)
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COST-2&3 - Cost Terms, Concepts & Classifications...

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