Views
10 months ago

(WIP) ACC 350 Exam 1 Study Material

Work in Process

Pg. 12 Sarah Allison

Pg. 12 Sarah Allison Takash ACC 350, Spring 2018 Exam 1 Study Material

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