ACCT 211

Cost of Goods Sold

Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory

Ending Finished Goods Inventory

Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = Cost of Goods Sold. Therefore, to find Ending Finished Goods Inventory one must find the difference between the total of Beginning Finished Goods & Cost of Goods Manufactured

Cost of Goods Manufactured

Cost of everything that is finished during the period = cost of the partially complete units + direct materials + direct labor wages + indirect costs and manufacturing overhead

Total Manufacturing Costs

Ending Work in Process Inventory + Cost of Goods Manufactured - Beginning Work in Process Inventory

Direct Labor Costs

First find total product costs. Then subtract the other product costs, direct materials, and manufacturing overhead

Total Inventory for Manufacturing Co

For a manufacturing company, the total inventory is the sum of finished goods inventory, work in process inventory, and raw materials inventory.

How is the value of goods available for sale classified differently between a merchandising company and a manufacturing company

It is called Inventory for a merchandising company but Finished Goods Inventory for a manufacturing company

Finished Goods Inventory (units)

The number of units in Finished GoodsInventory equals beginning inventory + units made - units sold. This value is then multiplied by the unit cost (not the unit sale price) to determine the value of the Ending Finished Goods Inventory

Total Current Assets

Total current assets is the sum of Cash, Accounts Receivable, Finished Goods Inventory, Work in Process Inventory, Raw Materials Inventory, and Equipment

Cost of Raw Materials

Total materials used = beginning balance + purchases - ending balance

Cost of goods sold merchandising

beginning inventory + purchases during period - ending inventory