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Classify each cost as direct materials (DM), direct labor (DL) or manufacturing overhead (MOH) for Colgate Toothpaste:
Utility bill for the manufacturing plant DM DL MOH
Wages of production line workers DM DL MOH
Toothpaste ingredients DM DL MOH
List three examples of manufacturing overhead costs:
Define the following terms:
Product cost
Period cost
Given the following information, solve for Cost of Goods Sold (COGS). Note: You will not use all of the accounts listed below.
Raw Materials Inventory, January 1, 2016 $14,500
Raw Materials Inventory, December 31, 2016 $16,000
Work in Process Inventory, January 1, 2016 $30,000
Work in Process Inventory, December 31, 2016 $24,000
Finished Goods Inventory, January 1, 2016 $10,000
Finished Goods Inventory, December 31, 2016 $12,000
Cost of Goods Manufactured $140,000
Answer the questions below to describe the flow of costs in a Job Order Costing system.
What three categories are increased when manufacturing costs are accumulated?
What account is increased to assign manufacturing costs to a Job?
What account is increased when transferring the cost of a completed job?
What account is increased when a completed job is sold?
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