AC 212(chapter 3)

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raw materials used in production =

(Beginning raw materials inventory+purchase of raw materials) - ending raw materials inventory

Schedule of cost of goods sold

also contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and it summarizes the portions of those costs that remain in ending Finished Goods inventory and that are transferred out of Finished Goods into Cost of Goods Sold.

Unadjusted cost of goods sold =

beginning finished goods inventory+ cost of goods manufactured- ending finished goods inventory

Finished goods

consist of completed units of product that have not yet been sold to customers

work in process

consists of units of product that are only partially complete and will require further work before they are ready for sale to the customer

Raw materials

include any materials that go into the final product. When raw materials are used in production as direct materials, their costs are transferred to Work in Process inventory

Total manufacturing costs =

Direct materials + direct labor + manufacturing overhead applied to work in process

Underapplied overhead or overapplied overhead

The difference between the overhead cost applied to Work in Process and the actual overhead costs of a period

Costs of goods manufactured =

Total manufacturing costs+ beginning work in process inventory - ending work in process inventory

Schedule of cost of goods manufactured

contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and it summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods.


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