Accounting Study Guide 02 28 2012 Board of Directors Chief Executive Officer Audit Committee Chief Financial Officer Treasurer Controller Internal Audit Chapter 1 Chief Operating Officer Vice Presidents of various operations Chapter 2 Period Costs R D Marketing Design Customer Service Distribution Direct Costs Direct Labor and Direct Materials Indirect Costs Manufacturing Overhead Service Company Provide a service no inventory Prime Costs Direct Materials and Direct Labor Conversion Costs Direct Labor and Manufacturing Overhead Income Statement Service Revenue Operating Expense Operating Income Merchandiser Resell products to retailers purchased from suppliers consumers one inventory account Income Statement Cost of Goods Sold Calculation Sales COGS Gross Profit Operating Expense Operating Income Beginning inventory Purchases Import duties or tariffs Freight in Cost of goods available for sale Ending inventory COGS Manufacturer Use labor and other inputs to convert raw materials into finished products Three inventory accounts Raw materials Work in progress Finished Goods Income Statement Cost of Goods Sold Calculation Sales COGS Gross profit Operating expenses Operating income Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory COGS Cost of Goods Manufactured Calculation Beginning work in process inventory Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Ending work in process inventory Cost of goods manufactured Direct Material Used Calculation Beginning raw materials inventory Purchases of raw materials Freight in Materials available for use Ending raw materials inventory Direct materials used Chapter 3 units by job Product Costing Mass production similar items total costs averaged over all Job Costing Unique custom products small batches total cost accumulated Predetermined Manufacturing Overhead Rate Total estimated mfg overhead costs Total estimated amount of allocation base
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