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Calculate COGM

DM


+DL


+OH


=Total manufacturing costs


+Beginning GIP


-end GIP

Calculate COGS

Beginning FG


+COGM


=goods available for sale


-End FG

Calculate Units to account for

Beginning GIP (units)


+Units started

Calculate completed/transferred units

Units to account for


-End GIP (units)

Calculate direct materials used

Beginning raw materials inventory


+raw material purchases


=raw materials available for use


-Ending raw materials inventory

Calculate Factory overhead

Indirect Labor


+indirect materials


+Other factory overhead items

What are conversion costs

Direct labor


+Manufacturing Overhead

Product costs can be classified as one of these three types...

Direct Materials


Direct Labor


Overhead

Journal entry


Raw materials costing $55 purchased with a check

raw materials +55


Cash -55

Journal entry


Production personnel requisitioned: direct material $25 and indirect material $10

GIP +25


OH +10


Raw material -35

Journal entry

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Journal entry

.

Journal entry

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