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ADMS 2510 (64)
Lecture

Garrison2.docx

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Department
Administrative Studies
Course
ADMS 2510
Professor
John Parkinson
Semester
Summer

Description
Garrison Chapter 2. Direct Materials: materials that are directly related to the final product Direct labour: use of labourers in putting the materials together to form the final product Manufacturing Overhead: other expenses that are incurred to create the final product Non- manufacturing overhead: selling and administrative costs 1. Product cost: Assets Period cost: Expenses Note that products that are used up are moved into the income statement as expense or remain as assets in the balance sheet 2. Merchandiser: merchandize inventory ( incl. purchases) Manufacturer: inventory : includes raw materials, w.i.p., and final product ( incl. Cost of goods manufactured) Basic Equation for inventory accounts Opening
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