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  • Cost of Goods Manufactured and Cost of Goods Sold

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    aaron manacap
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    The document discusses the costs involved in manufacturing goods, including the costs of materials, labor, and overhead. It provides schedules to calculate the cost of goods manufactured and cost of goods sold. The cost of goods manufactured schedule calculates total manufacturing costs by adding the costs of direct materials used, direct labor, and factory overhead. It then subtracts the ending work in process inventory to determine the total cost of goods manufactured. The cost of goods sold schedule calculates this figure by adding the beginning finished goods inventory to the cost of goods manufactured, and then subtracting the ending finished goods inventory.

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    Cost

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    Acctg205_COGM-COGS

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    The document discusses the costs involved in manufacturing goods, including the costs of materials, labor, and overhead. It provides schedules to calculate the cost of goods manufactured and cost of goods sold. The cost of goods manufactured schedule calculates total manufacturing costs by adding the costs of direct materials used, direct labor, and factory overhead. It then subtracts the ending work in process inventory to determine the total cost of goods manufactured. The cost of goods sold schedule calculates this figure by adding the beginning finished goods inventory to the cost of goods manufactured, and then subtracting the ending finished goods inventory.

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    © All Rights Reserved
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    9 views6 pages

    Cost of Goods Manufactured and Cost of Goods Sold

    Uploaded by

    aaron manacap
    The document discusses the costs involved in manufacturing goods, including the costs of materials, labor, and overhead. It provides schedules to calculate the cost of goods manufactured and cost of goods sold. The cost of goods manufactured schedule calculates total manufacturing costs by adding the costs of direct materials used, direct labor, and factory overhead. It then subtracts the ending work in process inventory to determine the total cost of goods manufactured. The cost of goods sold schedule calculates this figure by adding the beginning finished goods inventory to the cost of goods manufactured, and then subtracting the ending finished goods inventory.

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    © All Rights Reserved
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    of 6

    COST OF GOODS

    MANUFACTURED AND
    COST OF GOODS SOLD
    Inventories in a Manufacturing Firm

    Production Stage Work not started Work started but not Fully completed work
    completed yet
    Controlling Accounts Materials Inventory Work in Process Finished Goods
    Inventory Inventory
    Subsidiary Records Material ledger card Job Order Cost Sheet (for Finished goods ledger
    job order costing) card
    Cost of Production Report
    (for process costing)
    2
    Schedule of Cost of Goods Manufactured
    Direct Materials Used:
    Total Manufacturing Costs P xx
    Materials Inventory Beginning P xx
    Add: Work in Process Beginning xx
    Add: Net Purchases of Materials xx
    Cost of Goods Placed into Process P xx
    Materials Available for Use P xx
    Less: Work in Process End (xx)
    Less: Materials Inventory End (xx) P xx
    Cost of Goods Manufactured P xx
    Direct Labor xx
    Factory Overhead:
    Indirect Materials Used P xx
    Indirect Labor Cost xx
    Factory Utilities xx
    Depreciation of factory assets xx
    Miscellaneous factory overhead xx xx
    Total Manufacturing Costs P xx

    3
    Schedule of
    Cost of Goods Sold
    Finished Goods Inventory Beginning P xx
    Add: Cost of Goods Manufactured xx
    Total Goods Available for Sale (TGAS) P xx
    Less: Finished Goods Inventory End xx
    Cost of Goods Sold (COGS) P xx

    4
    THANKS!
    Any questions?
    You can ask them in your respective
    facebook groups.

    5
    You are allowed
    to be a masterpiece
    And a work in progress
    simultaneously.
    6

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