Textbook Notes (369,074)
Canada (162,369)
Accounting (533)
ACC 410 (34)
Chapter 5

Chapter 5

2 Pages
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Department
Accounting
Course Code
ACC 410
Professor
Keith Whelan

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Description
Chapter 5 Job Costing Product costs costs involved in either making or purchasing a product, and they are called manufacturing or inventoriable, costs Period costs operating costs that are not part of making or purchasing a product Managers prepare - Schedule of cost of goods sold (as part of income statement) - Schedule of cost of goods manufactured - what goesinto making a product consists of 3 main components: direct materials that become part of a product (cost object) direct labour that includes the wages paid to the operator or assembly workers manufacturing overhead prime cost direct materials and direct labour combined conversion cost direct labour and manufacturing overhead combined Cost of goods sold = Beginning Merchandise Inventory + Purchases Ending Merchandise Inventory Product Cost Flows - raw materials used directly moved into work-in-process inventory account - raw materials used indirectly moved into manufacturing overhead control account (exp acc) - cost of operation or assembly-line workers directly into work-in-processinventory account - indirect labour costs accumulated in manufa
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