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Cost Accounting & Management Essentials You Always Wanted To Know

    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    every company has Direct and Indirect costs. Using these costs, companies compute Cost of Goods Sold (COGS), which is used for Financial Reporting via Income Statement
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    Conversion Costs
    These are the costs incurred in converting the raw materials into finished products. They are computed as given below:
    Conversion costs = Direct manufacturing labor costs + Manufacturing overhead costs
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    Prime Costs
    These are all direct manufacturing costs. They are computed as given below:
    Prime costs = Direct material costs + Direct manufacturing labor costs
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    These costs appear under expenses in the income statement.
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    All costs that are not inventoriable are period costs
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    Companies can have three types of inventory as below:
    a) Direct materials inventory – inventory of raw materials
    b) Work-in-process inventory – inventory of partially manufactured products
    c) Finished goods inventory – inventory of ready products that are not yet sold
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    All inventoriable costs appear in the company’s balance sheet under the item “Inventory” until the products are sold, after which they appear in the company’s income statement under the item “Cost of Goods Sold”
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    All costs related to manufacturing that can be inventorized into the company’s balance sheet are called inventoriable costs
    Александр Чикиткинmembuat kutipan2 tahun yang lalu
    unit costs should always be computed by first separating fixed costs from variable costs and keeping in mind the effect of volume discounts and economies of scale
    Saltanatmembuat kutipan2 tahun yang lalu
    Net Income = Operating Income * (1 – Tax rate)
    Adri Syamsoeyadimembuat kutipan2 tahun yang lalu
    A variance is any deviation from the budget.
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