Managerial Accounting Equations

Card Set Information

Author:
Drizzle
ID:
282403
Filename:
Managerial Accounting Equations
Updated:
2014-09-09 18:43:23
Tags:
Managerial Accounting Equations
Folders:

Description:
TBD, Income Statement, Calculations, etc
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Drizzle on FreezingBlue Flashcards. What would you like to do?


  1. Merchandising - Cost of Goods Sold (COGS)
    • + Beginning Inventory
    • + Purchases
    • + Import duties or tariffs
    • + Freight-in
    • = Cost of goods available for sale
    • Ending inventory
    • = Cost of goods sold
  2. Direct Materials Used - Manufacturer
    • + Beginning raw materials inventory
    • + Purchases of raw materials
    • + Freight in
    • = Materials available for use
    • Ending raw materials inventory
    • = Direct materials used
  3. Income Statement - Merchandiser
    • + Sales
    • Cost of goods sold
    • = Gross profit
    • Operating expenses
    • = Operating Income
  4. Manufacturing Overhead
    • + Indirect Materials
    • + Indirect Labor
    • + Other Indirect Manufacturing Costs
  5. Period Costs
    • + R&D costs
    • + Design costs
    • + Marketing
    • + Distribution
    • + Customer Service
    • (Later converted into Operating expenses)
  6. Prime Costs
    • + Direct Materials
    • + Direct Labor
  7. Conversion Costs
    • + Direct Labor
    • + Manufacturing Overhead
  8. Cost of Goods Manufactured (CGM)
    • + Beginning Work in Process Inventory
    • + Manufacturing costs incurred (Direct labor       Direct materials + Manufacturing overhead)
    • = Total manufacturing costs to account for
    • - Ending Work in Process Inventory
  9. Manufacturing - Cost of Goods Sold (COGS)
    • + Beginning finished goods inventory
    • + Cost of goods manufactured
    • = Cost of goods available for sale
    • - Ending finished goods inventory
    • = Cost of goods sold
  10. Predetermined Manufacturing Overhead Rate (PMOHR)
    • Total estimated mfg overhead costs
    • Total estimated amount of allocation base

What would you like to do?

Home > Flashcards > Print Preview