Accounting for Manufacturing Business Lecture 25.

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Presentation transcript:

Accounting for Manufacturing Business Lecture 25

Lecture Overview Cost, Product Cost, Period Cost Components of Manufacturing Products Cost of Good Manufactured Cost of Goods Sold Manufacturing Cost Flows Income Statements

Manufacturing Costs – Direct Material Raw Material, can be traced out in finished products – Direct Labor Salaries, wages, fringe benefits for people directly working on production – Manufacturing Overheads Indirect material – Insignificant to trace i.e. Cost of drill bits, glue, nails, indirect labor – Deptt supervisors, security guards etc and other manufacturing overheads. – Depreciation of plant and machinery, property taxes, insurance, electricity, gas etc.

Manufacturing Cost Flows

Following data refer to Company XYZ for the year Prepare income statement for the year 2008 Sales revenue Work-in-process inventory, December Work-in-process inventory, December Selling and administrative expenses Income tax expense40% Purchase of raw material Raw-material inventory, December Raw-material inventory, December Direct labor Utilities, plant40000 Depreciation: plant and equipment60000 Finished goods inventory, December Finished goods inventory, December Indirect material10000 Indirect labor15000 Other manufacturing overhead80000

Following data refer to Company XYZ for the year Prepare income statement for the year 2008 Sales revenue Work-in-process inventory, December Work-in-process inventory, December Selling and administrative expenses Income tax expense40% Purchase of raw material Raw-material inventory, December Raw-material inventory, December Direct labor Utilities, plant40000 Depreciation: plant and equipment60000 Finished goods inventory, December Finished goods inventory, December Indirect material10000 Indirect labor15000 Other manufacturing overhead80000

Following data refer to Company XYZ for the year Prepare income statement for the year 2008 Sales revenue Work-in-process inventory, December Work-in-process inventory, December Selling and administrative expenses Income tax expense40% Purchase of raw material Raw-material inventory, December Raw-material inventory, December Direct labor Utilities, plant40000 Depreciation: plant and equipment60000 Finished goods inventory, December Finished goods inventory, December Indirect material10000 Indirect labor15000 Other manufacturing overhead80000

Journal Entries

Closing Entries

Practice Question

Following data refer to Company ABC for the year Prepare income statement for the year 2008 Sales revenue Work-in-process inventory, December Work-in-process inventory, December Selling and administrative expenses Income tax expense40% Purchase of raw material Raw-material inventory, December Raw-material inventory, December Direct labor Utilities, plant25000 Depreciation: plant and equipment Finished goods inventory, December Finished goods inventory, December Indirect material10000 Indirect labor25000 Other manufacturing overhead30000

Lecture Overview Practice Questions Manufacturing cost Flows Journal Entries

End of Lecture 25

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