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UA ACCT 210 - Cost Flows

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ACCT 210 1st Edition Lecture 6 Outline of Last Lecture I. Product costsII. Direct materialsIII. Functional cost classificationsOutline of Current Lecture I. Functional cost classifications continuedII. Three stages of productionIII. Inventory cost flowsIV. Example with T-accountsCurrent Lecture1. Functional cost classifications continued2. Three stages of productiona. Direct materialsi. Work not startedii. Raw materialsiii. Suppliesb. Works in progress (conversion)i. Direct laborTotal costsTotal costsProduct costsProduct costsDirectDirectDirect laborDirect laborDirect materialsDirect materialsIndirectIndirectManufacturing overheadManufacturing overheadPeriod costsPeriod costsGeneral & administrative (G&A) expensesGeneral & administrative (G&A) expensesSelling expensesSelling expensesii. Overheadc. Finished work/goodsi. Includes all costs incurred to produce the product3. Inventory cost flowsa.4. Example with T-accounts5.Direct materials Work in progress Finished goods10,000 62,000(beginning balance)60,00015,00060,00048,00072,000(direct materials)(direct labor)(overhead)172,00029,000172,000185,00012,000(ending balance)23,000 16,0006. Job order costinga. Many different products are produced each periodb. Custom made-to-order productsc. Production process is divided into “batches” or “jobs” with a definite beginning and endingd. Costs are accumulated separately by jobe. Use job offer cost sheet to accumulate all manufacturing costs for each


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UA ACCT 210 - Cost Flows

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