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Cost Accounting Chap 3

This document outlines the debit and credit accounts for raw materials inventory, direct labor, factory overhead, work in process inventory, and finished goods inventory. It shows the beginning balances, purchases/salaries/costs that increase the accounts, and issuances to production or returns that decrease the accounts for tracking inventory and production costs through the manufacturing process.

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Donna Zandueta-Tumala
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© © All Rights Reserved
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17 views8 pages

Cost Accounting Chap 3

This document outlines the debit and credit accounts for raw materials inventory, direct labor, factory overhead, work in process inventory, and finished goods inventory. It shows the beginning balances, purchases/salaries/costs that increase the accounts, and issuances to production or returns that decrease the accounts for tracking inventory and production costs through the manufacturing process.

Uploaded by

Donna Zandueta-Tumala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Raw Materials Inventory

DEBIT CREDIT

Beginning Balance Issuance to Production


Purchases Return of Materials
Return of excess materials issued
to production
Direct Labor
DEBIT CREDIT

Beginning Balance Issuance to Production


Salaries, wages, benefits
Factory Overhead
DEBIT CREDIT

Beginning Balance Issuance to Production ( actual or normal)


All indirect cost related to
production
Work in Process Inventory
DEBIT CREDIT

Beginning Balance Issuance of completed goods to FGI


Materials Issued to production Return of excess raw materials
Labor cost issued to production
Factory Overhead
issued to production
Finished Goods Inventory
DEBIT CREDIT

Beginning Balance Cost of Goods Sold


Cost of goods completed in WIP

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