Cost Accounting-Basic Concepts and the Job Factory Wages Earned

Order Cost Cycle Factory Payroll xxx

Withholding Tax Payable xxx
SSS Contribution Payable xxx
Cost Accounting Pag-Ibig Contribution Payable xxx
 System that records, summarizes, Salaries and Wages Payable xxx
analyzes, and interprets the materials,
labors, and overhead necessary to Labor Charged to Production
Work in Process xxx
produce and sell article. Manufacturing Overhead Control xxx
 Purpose: furnishes management for Factory Payroll xxx
planning and controlling activities.

Manufacturing Costs Manufacturing Overhead Costs (Incurred)

Manufacturing Overhead Control xxx
1. Direct Raw Materials
Vouchers Payable xxx
Materials
2. Direct Labor Employees who work
directly with raw
Manufacturing Overhead Applied to Products
materials in Work in Process xxx
converting them to Manufacturing Overhead Control xxx
finished goods
3. Manufacturing Indirect Materials, Transfer of Finished Goods
Overhead Indirect Labor, Other Finished Goods xxx
Manufacturing Work in Process xxx
Overhead
Sale of Finished Goods
Cost of Goods Sold xxx
Manufacturing Overhead Finished Goods xxx
Indirect Materials Glue, threads
Indirect Labor wages of storeroom
clerks, janitors Statement of Cost of Goods Manufactured
Other Manufacturing Rent, depreciation,
Overhead taxes RMI, beg xxx
Purchases xxx
Prime and Conversion Cost TMA xxx
RMI, end (xxx)
 Prime Cost TMU xxx
- sum of Direct Materials and IMU (xxx)
Direct Labor. DMAFU xxx
 Conversion Cost DL xxx
- total of Direct Labor and MOH xxx
TMC xxx
Manufacturing Overhead. WIP, beg xxx
COGIP xxx
WIP, end (xxx)
Inventory Accounts for a Manufacturing CGM xxx
FG, beg xxx
Company TGAS xxx
FG, end (xxx)
Raw Materials Purchased COGS xxx
Materials xxx Income Statement
Vouchers Payable xxx
Sales xxx
Raw Materials Used COGS (xxx)
Work in Process xxx GP xxx
Manufacturing Overhead Control xxx OE (xxx)
Materials xxx Net Income/Loss xxx