ACC 406 CH.2

Question 1

DIRECT MATERIALS USED IN PRODUCTION =

Answer 1

BEGINNING INVENTORY OF MATERIALS + PURCHASES - ENDING INVENTORY OF MATERIALS

Question 2

COST OF GOODS MANUFACTURED =

Answer 2

DIRECT MATERIALS USED IN PRODUCTION + DIRECT LABOUR USED IN PRODUCTION + OVERHEAD COST USED IN PRODUCTION + BEGINNING WIP INVENTORY - ENDING WIP INVENTORY

Question 3

COST OF GOODS SOLD =

Answer 3

BEGINNING FINISHED GOODS INVENTORY + COST OF GOODS MANUFACTURED - ENDING FINISHED GOODS INVENTORY