Manufacturing Accounts – Fill In the Blanks
Written by True Tamplin, BSc, CEPF®
Updated on August 14, 2021
Net sale - Cost of goods sold =
Cost of good sold = Opening finished goods +
- closing finished goods.
Cost of goods manufactured = Opening W.I.P +
- closing W.I.P.
Direct labour + direct material consumed + factory overhead =
Opeinig W.I.P + factory cost - closing W.I.P =
Raw material consumed = opening R.M + purchased during the period -
Manufacturing concerns convert raw materials into
Direct material is the material which can be directly charged to
All expenses other than direct material and direct labour incurred on the manufacturing of a product are called
If predetermined factory overhead are less than the actual factory overhead it is called