Chapter 2 Flashcards
1
Q
Direct materials used
A
Beginning RM+ purchases- ending
2
Q
Cost of goods manufactured
A
Begining W/P+ DM used+ DL+ MOH- ending
3
Q
Cost of goods sold
A
Beg F/G+ cost of goods manufactured= cgas- ending
4
Q
Operating income
A
Sales- COGS= gross margin- operating expenses
5
Q
Product cost
A
Raw materials, direct labor, MOH
6
Q
Period cost
A
Selling expenses, general ad expenses
