Job vs. product costing Free Essay, Term Paper and Book Report
Generally Accepted Accounting Principles (GAAP) require all companies to account for their inventory costs and cost of goods sold (COGS) for their balance sheet and income statements. For manufacturing companies, the basic flow of cost accounting is divided into three major steps: determining the cost of direct materials used, the cost of goods manufactured, and the cost of good sold.
The cost of direct materials used is calculated using beginning and ending materials inventories, the purchase price of materials and freight costs for delivering the materials. The cost of goods manufactured is determined using the beginning and ending work in process inventory, the cost of direct materials used, the direct labor used to manufacture the product and incurred manufacturing overhead costs. The cost of goods sold is based on the beginning and ending finished goods inventory, the cost of goods manufactured and the cost of goods available for sale.
Determining Appropriate Costing Method:
Companies account for their costs to produce a product or provide a service in one of two way......
Word Count: 1584
Page Count: 6.3 (250 words a page / double spaced)
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