Accounting

AC505- MANAGERIAL ACCOUNTING WORKSHEETS

COST OF GOODS MANUFACTURED SCHEDULE

Direct Materials:

Raw Materials Inventory _______

Add: Purchases of raw materials _______

Raw Materials Available for Use _______

Deduct: Raw Materials Inventory _______

Raw Materials ________

Direct Labor ________

Manufacturing Overhead:

Rent on Facilities ________

Insurance ________

Indirect Labor ________

Utilities ________

Maintenance, factory ________

Depreciation, factory ________

Total Overhead Costs ________

Total Manufacturing Costs ________

Work in process inventory ________

Deduct: Work in process inventory ________

Cost of Goods Manufactured ________

COST OF GOODS SOLD

Beginning Finished Goods Inventory ________

Add: Cost of Goods Manufactured ________

Cost of Goods Available for Sale ________

Deduct: Finished Goods Inventory, ________

Cost of Goods Sold ________

INCOME STATEMENT

Sales ________

Less: Cost of Goods Sold _______

Gross Margin ________

Less: Administrative Expenses _______

Less: Selling Expenses _______

Net Operating Income ________

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JOINT PRODUCT COSTING

Units Price Total

Product A (# of Units) x Unit Price = $$$

Product B

Total

Revenue, if processed further

Less:

Additional Opportunity Costs ($$$)

Total Cost of Processing

Net Disadvantage of Processing

_______________________________________

Alternative Method:

Revenue if processed further $$$$

Revenue if Sold As Is -($$$)

Incremental Revenue

Incremental Cost of Processing -($$$)

Incremental Disadvantage $$$$

MAKE/BUY DECISION

Make Buy (Seller Offering Goods)

Direct Materials

Direct Labor

Variable Overhead (% x #)

Total Cost to Make

Cost To Buy

Cost Saving

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FLEXIBLE BUDGETING

Original Budget Actual Costs

Direct Materials

Direct Labor

Variable Overhead

Fixed Overhead

Total

(Note: