Assignment Direct labor cost 12000 Direct material cost 15000 MOH allocated based on direct labor cost as 110% Expenditures during period Plant janitors wages 5000 Depreciation on delivery vehicles 1000 1500 1200 1100 3500 300 Sales salaries Plant property taxes Plant utilities indirect labor indirect material Completed production 30200 Sold inventory on account 40000, COGS 20000 Journalize transactions and closing of MOH

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.