Slide 1 ___________________________________ 2.3 Costs and the - PDF document

Slide 1 ___________________________________ 2.3 Costs and the financ ial Stmts o T he c ost c lassific ation is ___________________________________ important in the formation of re ports. o F ina nc ial re ports ___________________________________ o Sc he dule s o Sc he dule of c osts of g oods ___________________________________ ma nufac tur e d o Sc he dule of c osts of g oods sold o Sta te me nts ___________________________________ o Inc ome sta te me nt o Balanc e she e t ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________ Slide 2 ___________________________________ Costs of Goods Manufac ture d T he Company Name Sc he dule of Costs of Goods Ma nufa c tur e d ___________________________________ F or the pe rio d e nding XX/ XX/ 20XX R aw Mate r ial Be ginning R aw Mate r ials Inventor y $ 10,000 ___________________________________ Add Pur c hases 100,000 L e ss e nding Raw Mater ials Inventor y (20,000) Raw Mate r ia ls use d in Pr oduc tion 90,000 Dir ec t L abor 170,000 Manufac tur ing ove r he ad ___________________________________ Indir e c t mater ial 25,000 Indir e c t labor 40,000 F ac tor y Utilitie s 35,000 F ac tor y Re nt 110,000 T otal manufa c tur ing over he a d 210,000 ___________________________________ T otal Manufac tur e d Costs 470,000 Be ginning Wor k in Pr oc e ss 80,000 le ss E nding Wor k in Pr oc e ss (70,000) Cost of Goods Manufa c tur ed $480,000 ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________ Slide 3 ___________________________________ Costs of goods Sold T he Company Name ___________________________________ Sc he dule of Costs of Goods Sold F or the pe r iod e nding XX/ XX/ 20XX ___________________________________ Be ginning F inished Goods Inventory $ 20,000 Add Costs of Goods Manufa c ture d 480,000 Costs of Goods Ava ilable 500,000 ___________________________________ L e ss e nding F inishe d Goods Inventory (50,000) Cost of G oods Sold $ 450,000 ___________________________________ ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________

Slide 4 ___________________________________ Costs of goods manufac tur e d & sold o Sc he dule of c osts of ___________________________________ good sold and c osts of goods manufa c ture d c a n be re porte d a s ___________________________________ se parate sc he dule s OR ___________________________________ o Ca n be c ombine d into the Sc he dule of c osts of g ood ___________________________________ ma nufa c tur e d and sold ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________ Slide 5 ___________________________________ Costs of Goods Manufa c ture d and Sold Pull up the c aptivate proble m ___________________________________ be low… P2 of your E xc e l spre adshe e t se r ie s ___________________________________ ___________________________________ ___________________________________ ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________ Slide 6 ___________________________________ F inanc ial State me nts o Inc ome State me nt ___________________________________ o Costs of Goods Sold o Ope rating E xpe nse s ___________________________________ o Balanc e She e t o Inve ntory ___________________________________ ___________________________________ ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________

Slide 7 ___________________________________ Pr oble m with Unit c ost and inc ome stmt Pull up the c a ptivate proble m ___________________________________ be low… P1 of your E xc e l spre adshe e t se r ie s ___________________________________ ___________________________________ ___________________________________ ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________ Slide 8 ___________________________________ All inc lusive proble m T he infor ma tion be low wa s ta ke n fr om Ka rle n Ente rpr ise Inc . Pr e pa r e a Cost of Goods Ma nufa c tured a nd Sold, pa rtia l inc ome sta te me nt a nd pa rtia l ___________________________________ ba lanc e she e t o Be g R a w Ma te r ia l $48,000 o F a c tory Insura nc e $ 4,600 o E nd Raw Mate ria l 39,000 o F a c tory E quip De pr e c 15,000 ___________________________________ o Be g F inishe d Goods 96,000 o Offic e Utilities Expe nse 24,600 o E nd F inishe d Goods 95,900 o Sale s 542,800 o Be g Work in pr oc e ss 19,800 o Plant Mana ge r ’s sa lary 29,000 ___________________________________ o E nd Wor k in proc e ss 17,600 o F a c tor y Property T a xes 9,600 o o Dire c t L a bor 147,250 F a c tory re pa irs 1,400 o Indire c t L a bor 24,460 o R a w Material Purc ha se d 98,400 ___________________________________ o Ac c ts R e c e iva ble 27,000 o Ca sh 32,000 ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________ Slide 9 ___________________________________ All inc lusive pr oble m - solution Pull up the c aptivate proble m ___________________________________ be low to se e the solution… COGMS.XL S ___________________________________ ___________________________________ ___________________________________ ___________________________________ 2005 K D Ha the wa y-Dia l ___________________________________