(WIP) ACC 350 Exam 1 Study Material
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Pg. 13<br />
Sarah Allison Takash<br />
<strong>ACC</strong> <strong>350</strong>, Spring 2018<br />
<strong>Exam</strong> 1 <strong>Study</strong> <strong>Material</strong><br />
How to prepare a Schedule of Cost of Goods<br />
Manufactured and Sold<br />
Summary:<br />
The schedule of Cost of Goods Manufactured and sold summarizes the flow of materials and<br />
goods through the T-accounts of RM, <strong>WIP</strong> & FG.<br />
18. Steps:<br />
a. Add purchases<br />
b. Subtract Indirect RM issues, increases in RM inventory, DM used in production, DL &<br />
MOH<br />
c. (a+b) → = Total manufacturing costs<br />
d. Add (c) Beg-<strong>WIP</strong><br />
e. Subtract End-<strong>WIP</strong><br />
f. (c+d-a) → = COGM
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