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ACCT 210 -
Product Costing For Manufacturing Companies
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ACCT 210 1st Edition Lecture 5 Outline of Last Lecture I Target income II Income after tax III Multi product CVP IV Cost plus pricing Outline of Current Lecture I Product costs II Direct materials III Functional cost classifications Current Lecture 1 Product costs a All Costs incurred in producing a product b Inventoriable included in inventory on balance sheet c Expensed on income statement as Cost of Goods Sold when units are sold 2 Direct matierals a Mateirals that can be physically and conveniently traced directly to the manufacturer of product b Also called raw materials 3 Functional cost classifications Total costs Product costs Direct Direct labor Direct materials Indirect Manufacturing overhead
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