Vocabulary
What are direct materials?
Raw materials that can be physically and directly associated with the finished product
Employees on the assembly line
Product cost - Direct labor
What is the equation for total manufacturing costs?
DM+DL+MOH
DM= $46
DL= $25
MOH= $32
What is the total product cost?
$103
First Semester
What is manufacturing overhead and what can it consist of?
Costs indirectly associated with the manufacture of the finished product.
- Factory depreciation, Factory utilities, Factory maintenance
Advertising costs?
Period cost
What is the equation for total period costs?
Advertising costs + Selling costs
What is the flow of the manufacturing process?
Raw materials- WIP- Finished goods- sold
What is my favorite animal?
Bats
What is planning?
Setting goals & objectives
Adding value to the business
Wood, Resin, Fiberglass?
Product cost- Direct materials
What is the equation for cost of goods manufactured?
Total cost of WIP - Ending WIP inventory
Which financial statement will you find COGS at?
Income statement
What are my cats names?
Biscuit & Gravy
What is directing?
- Coordinating activities, Implementing Planned objectives, Hire and Train employees
Product cost- Manufacturing overhead - INDIRECT labor.
A manufacturing company computes COGS by adding (blank) to the (blank) inventory and subtracting the (blank) inventory
Cost of goods manufactured
to the BEGINNING finished goods - ENDING finished goods
Merchandising Income Statement contains cost of goods (blank) and a Manufacturing Income Statement contains cost of goods (blank)
Purchased
Manufactured
What is my major/minor?
General Business
Minor: Entrepreneurship
What is controlling?
- Keeping activities on track
- Deciding changes, Determining whether goals are met
Seasonings and spices added to a pot of gumbo?
Product cost - manufacturing OH - INDIRECT materials.
Raw materials inventory + WIP inventory + Finished goods inventory
Beginning WIP Inventory = $2000
Total Manufacturing cost = $7,900
Ending WIP inventory = 3,760
What is the cost of goods manufactured?
$6,140
Who is my favorite singer?
Jhene Aiko