BUS 254 Lecture Notes - Lecture 2: Finished Good, Financial Statement, Military Exercise

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BUS 254 Full Course Notes
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BUS 254 Full Course Notes
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Manufacturing accounts and intro to job order costing. Retail: purchases goods for resale to customers (usually single inventory that reflects the. Service: provides services to customers (cannot be inventoried no inventory account) Manufacturing: produces goods for sale: raw material: material on hand, awaiting use in the production process, work in process: partially completed goods, finished goods: ready for sale goods. Calculating the cost of goods sold: merchandiser, merchandise inv. ; beg + cog purchased merchandise inv. ; end = cogs: manufacturing, finished goods inv. ; beg + gog manufactured finished goods inv. , end. Product costing system: accumulates the costs incurred in a production process and assigns the costs to the final products. Accumulating costs: raw materials (direct and indirect material, factory labour (direct and indirect labour, manufacturing overhead. Accounting for indirect material i. e. , 5 mar, 2016, perfect manufacturing purchased factory supplies (adhesive) costing . Record: dr raw material inventory , cr a/p.

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