COST: Cover material in ONE DAY

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Presentation transcript:

COST: Cover material in ONE DAY TERMS & FLOWS Cost COST: Cover material in ONE DAY Page 1

Product Period Variable Fixed Page 2

Manufacturing Overhead Variable Fixed Direct Materials Variable Direct Labor Variable Manufacturing Overhead Variable Fixed Examples of MOH: Indirect Materials Indirect Labor Page 3

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The two income statement formats are organized by the Absorption Costing Income Statement For Y/E ... Revenue Cost of Goods Sold Gross Margin Selling and Admin. Costs Operating Income Income Taxes Net Income (After Tax) Product Costs Period Costs The two income statement formats are organized by the four types of costs defined earlier. Variable Costing Income Statement For Y/E ... Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Income Taxes Net Income (After Tax) Balance Sheet As of ... Assets Liabilities Owners’ Equity Page 6

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Do a simple problem (VC vs. AC) Cost TERMS & FLOWS Do a simple problem (VC vs. AC) SoMuch Stereos (COST) Show I/S in good form Do a cost flows example Cattle Co. 1997 (COST) (also show CF) Have students work on problem Page 11