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    Costcona Formulas

    Uploaded by

    Butterfly 0719
    The document outlines the calculation of various manufacturing costs including: - Prime cost which equals direct materials + direct labor - Conversion cost which equals direct labor + factory overhead - Product cost which equals direct materials + direct labor + factory overhead - It also provides the accounting equations to calculate costs of goods manufactured, costs of goods sold, and gross profit. Formulas are provided for direct costs, indirect costs, variable costs, and the flow of inventory through the income statement.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Costcona Formulas

    Uploaded by

    Butterfly 0719
    20 views3 pages
    The document outlines the calculation of various manufacturing costs including: - Prime cost which equals direct materials + direct labor - Conversion cost which equals direct labor + factory overhead - Product cost which equals direct materials + direct labor + factory overhead - It also provides the accounting equations to calculate costs of goods manufactured, costs of goods sold, and gross profit. Formulas are provided for direct costs, indirect costs, variable costs, and the flow of inventory through the income statement.

    Original Description:

    Prime cost, conversion cost, COGS, COGM

    Original Title

    Costcona formulas

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    The document outlines the calculation of various manufacturing costs including: - Prime cost which equals direct materials + direct labor - Conversion cost which equals direct labor + factory overhead - Product cost which equals direct materials + direct labor + factory overhead - It also provides the accounting equations to calculate costs of goods manufactured, costs of goods sold, and gross profit. Formulas are provided for direct costs, indirect costs, variable costs, and the flow of inventory through the income statement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    20 views3 pages

    Costcona Formulas

    Uploaded by

    Butterfly 0719
    The document outlines the calculation of various manufacturing costs including: - Prime cost which equals direct materials + direct labor - Conversion cost which equals direct labor + factory overhead - Product cost which equals direct materials + direct labor + factory overhead - It also provides the accounting equations to calculate costs of goods manufactured, costs of goods sold, and gross profit. Formulas are provided for direct costs, indirect costs, variable costs, and the flow of inventory through the income statement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Prime Cost = DM + DL

    Conversion Cost = DL + FOH

    Beginning Work in Process


    Raw Materials Used
    Direct Labor
    Factory Overhead
    Current period manufacturing costs
    Total Costs to account for
    Ending Work in Process
    Cost of Goods Manufactured

    Statement of Cost of Goods Manufactured- Raw Materials Used


    For the month ended

    Beginning balance
    Purchases of materials
    Raw Materials Available
    Ending balance
    Total Raw Materials Used

    Statement of Cost of Goods Manufactured


    For the month ended

    Beginning Work in Process


    Raw Materials Used ₱
    Direct Labor
    Factory Overhead
    Current period
    manufacturing costs
    Total Costs to account for
    Ending Work in Process
    Cost of Goods
    Manufactured ₱

    Schedule of Cost of Goods Sold


    For the month ended

    Beginning Finished Goods


    Cost of Goods
    Manufactured
    Cost of Goods Available for
    Sale
    Ending Finished Goods
    Cost of Goods Sold

    Direct Cost = DM + DL + SA Exp


    Indirect Cost = FOH + SA Exp
    Product Cost = DM + DL + FOH
    Variable Cost = DM + DL+ FOH (40%) + SA Exp (60%)

    14. Beg. Finished Goods


    COGM
    COGAS
    End. Finished Goods
    15. Beginning WIP
    Materials
    Labor
    FOH
    Manufacturing costs
    End. WIP Inventory
    COGM
    16. Revenue
    COGS
    Gross margin
    Beginning FGI
    COGM
    Ending FGI
    COGS
    17.
    19. Beg. WIP
    RMU
    Purchases
    DL
    MOH
    End. WIP
    20. Direct Materials Used
    DMI
    DMP
    21. Beg. WIP
    DL
    DM
    FOH
    Total Manufacturing costs
    End. WIP
    22. SALES
    COGAS
    End. Inventory
    COGS
    GROSS PROFIT

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