ch02 - Chapter 2 Job Order Costing and Modern Manufacturing...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
    Chapter 2 Job Order Costing and Modern Manufacturing Practices
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
    Objectives 1. Manufacturing/ nonmanufacturing costs and product/period costs. 2. Three inventory accounts of a manufacturing firm. 3. Flow of product costs. 4. Types of product costing systems.
Background image of page 2
    Objectives (continued) 1. Assignment of direct material, direct labor, and manufacturing overhead to jobs. 2. Modern manufacturing practices
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
    Cost Classifications for Manufacturing Firms 1. Direct Material 2. Direct Labor 3. Manufacturing Overhead Manufacturing Costs (product costs): all costs associated with the production of goods.
Background image of page 4
    Cost Classifications for Manufacturing Firms
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
    Nonmanufacturing Costs 1. Selling Costs 2. General and Administrative Costs Nonmanufacturing Costs (period costs): all costs not associated with the production of goods.
Background image of page 6
    Product and Period Costs Product Costs and Period Costs are Synonymous with Manufacturing and Nonmanufacturing costs, respectively.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
    Product Cost Information in Financial Reporting and Decision Making GAAP (Generally Accepted Accounting Principles) requires that inventory on balance sheets and cost of goods sold on income statements be disclosed (reported) using Full Cost information.
Background image of page 8
  Balance Sheet Presentation of Product Costs 1. Raw Materials Inventory. 2. Work in Process Inventory.
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/09/2008 for the course ACG 2071 taught by Professor Sumbiznatch during the Summer '06 term at University of Florida.

Page1 / 39

ch02 - Chapter 2 Job Order Costing and Modern Manufacturing...

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online