Business Administration 2257 Study Guide - Midterm Guide: Finished Good, Initial Public Offering, Weighted Arithmetic Mean

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Jordan Sills

Document Summary

3 separate inventory accounts: finished-goods inventory, goods in process / work-in-process inventory, raw materials inventory. ^ plus the cost of raw materials at the beginning of the period, give us the cost of raw materials available for use for the period at the end, valued using fifo, average cost, or specific id. ^ amount is deducted to give us cost of raw materials used during the period. 2 categories: direct labor costs wages, factory overhead costs indirect labor, factory facilities, depreciation of equipment, etc. Product costs sum of costs entered into the work-in-process inventory account/the cost associated with all manufacturing which took place during the period. Absorption costing the process of attaching all manufacturing costs to the goods being produced. Valuing the ending balance in wip formula = prm + pdl + pfoh. Prm raw materials in partially completed goods. Pdl direct labor in partially completed goods.