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Schedule of Cost of Goods Manufactured Direct Materials Raw material inventory, beginning Add: Raw materials purchased Raw materials available for use.

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Presentation on theme: "Schedule of Cost of Goods Manufactured Direct Materials Raw material inventory, beginning Add: Raw materials purchased Raw materials available for use."— Presentation transcript:

1 Schedule of Cost of Goods Manufactured Direct Materials Raw material inventory, beginning Add: Raw materials purchased Raw materials available for use Deduct: Raw material inventory, ending Total: Raw material used Direct Labor Manufacturing Overhead Indirect Material Add: Indirect labor Add: Rent on factory building Add: Depreciation on factory equipment Add: Utilities Add: Property taxes Add: Insurance Total Manufacturing Overhead Deduct: Underapplied overhead Total: Overhead applied to work in process Direct Materials Add: Direct Labor Add: Manufacturing Overhead Total: Manufacturing Costs Incurred Add: Work in Process, Beg. Period Manufacturing Costs to Account For Deduct: Work in Process, End Period Cost of Goods Manufactured Transferred to Schedule of Cost of Goods Sold

2 Job Order Costing A visual representation of the Schedule of Cost of Goods Manufactured Direct Material Purchased Beg MIP End MIP Indirect materials (Lubricants, bolts, etc.) STOREROOM Direct Material Used Job 1Job 3 Job 2 FACTORY Direct Material- Job 2 Direct Labor-Job 2 Manufacturing Overhead Applied to Job 2 Conversion Costs Beg WIP End WIP Directly to Manufacturing Overhead Control

3 Schedule of Cost of Goods Sold Finished Goods Inventory, Beginning of Period Add: Cost of Goods Manufactured Cost of Goods Available for Sale Deduct: Finished Goods Inventory, End of Period Cost of Goods Sold Deduct: Over Applied or Under Applied Overhead Total: Cost of Goods Sold (Adjusted) Transferred to Income Statement

4 Income Statement Sales Revenue Deduct: Cost of Goods Sold (Adjusted) Gross Margin Deduct: Selling and Administrative Expenses Income before Taxes Deduct: Income Tax Expense Total: Net Income


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