Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 370,500 42,800 71,500 185,500 20,700 244,900 122,800 285,600 1,968,000 111,500 4,070 326,300 264,900 28,350 121,400 41,050 164,200

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: How is the cost of goods manufactured calculated?

A: Cost of Goods Manufactured, also known to as COGM, is a term used in managerial accounting that…

Q: Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of…

A: Manufacturing companies are those companies which are engaged in conversion of raw material into…

Q: Define equivalent units of production.

A: Definition:   Process costing: It is a method of cost accounting, which is used where the production…

Q: how do I make a cost of production report?

A:

Q: Define Finished goods.

A: Finished goods inventory is completely ready for sale after completing the production process.…

Q: What is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: If selling and administrative expenses are allocated to different products, they should be reported…

A: Period costs: These costs are not related to inventory, hence, they are not added to inventory…

Q: Define Work-in-process inventory.

A: Definition:   Inventory refers to the raw materials, work-in-process, and the finished goods…

Q: How do you get total of period cost?

A: Period Costs are not directly associated with the finished products manufactured, rather associated…

Q: How do you compute the cost of goods manufactured?

A: Cost of goods manufactured is the total amount of expense incurred in order to convert work in…

Q: Use T-accounts to showthe flow of costs in ajob-order costing system.

A: Every industry maintains different inventory accounts and every industry can use job order costing.…

Q: Define unit cost of a job.

A: Cost:   It is the economic value incurred by an organization for manufacturing the products or…

Q: Explain manufacturing activities and the flow of manufacturing costs

A: Manufacturing activity: Manufacturing activity comprises of materials, production and sales…

Q: What costs are incurred when making a product? How are they recorded when incurred?

A: Cost to create a product is know as product cost. These cost include all direct cost like direct…

Q: Describe the term cost of the direct materials.

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Define the term manufacturing overheads.

A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…

Q: in the process costing the main goal in accounting for cost is to .......... product cost

A: Process costing means when raw material is added in one process and different process are applied to…