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20 Cards in this Set
- Front
- Back
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Cost of goods sold
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Cost of Goods Sold=
Beg Finished goods+ COGM-End Finished goods=COGS |
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Operating income
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Revenues-COGS-Operating costs (except interest and income tax)
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when costs are incurred in the factory they are
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manufacturing overhead costs
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when costs are incurred in marketing or outside the factory they are
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period costs
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costs that are all direct manufacturing costs
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prime costs
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direct manufacturing labor costs + direct material costs
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prime costs
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the greater the proportion of prime costs the more certain manufactures can be about accuracy of ___________
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costs of products
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all manufacturing costs other than direct materials
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conversion costs
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labor that can be traced to individual products
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direct manufacturing labor
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indirect labor
managers salaries payroll fringe costs are examples of |
Manufacturing overhead
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all manufacturing labor compensation other than for direct manufacturing labor and managers salaries is usually classified as
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indirect labor costs
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overtime premium is usually considered a __________- or _________
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indirect cost or
overhead |
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a rush job premium is overtime that is a ________ cost of that job
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direct
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idle time is considered a ________ cost
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indirect
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Cost of goods manufactured
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Beg DM+ Purch DM=
DIrect materials available-Ending DM=Direct materials used+Direct labor+indirect manufacturing costs=Manufacturing costs incurred+Beginning WIP=Total manufacturing cost to account for-ending work in process=COGM |
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assignment of indirect costs to a particular cost object
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cost allocation
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collection of cost data in some organized way by means of an accounting system
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cost accumulation
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general term that encompasses both 1)tracing accumulated costs that have a direct relationship to a cost object and 2)allocating accumulated costs that have an indirect relationship to a cost object
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cost assignment
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describes the assignment of direct costs to a particular cost object
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cost tracing
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Gross margin =
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Revenues - Cost of Goods sold
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