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Manufacturing Account Format

This document outlines the calculation of cost of production and cost of goods manufactured using a standard accounting format. It lists the components included in calculating the raw material consumed, prime cost of production which includes direct labor, and the full cost of production and goods manufactured by accounting for opening and closing work-in-process and finished goods stock.

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Dr. Mohammad Noor Alam
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418 views1 page

Manufacturing Account Format

This document outlines the calculation of cost of production and cost of goods manufactured using a standard accounting format. It lists the components included in calculating the raw material consumed, prime cost of production which includes direct labor, and the full cost of production and goods manufactured by accounting for opening and closing work-in-process and finished goods stock.

Uploaded by

Dr. Mohammad Noor Alam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Cost of production & cost of goods manufacturing Calculated from the following

format:

Opening Stock Raw Material

Add(+): Purchases of Raw Material

Add(+): Purchase expenses (Freight etc.)

Less(-): Purchase return of Raw Material

Less(-): Closing Stock OF Raw Material

Raw Material Consumed ( used )

Add(+): Direct labor (wages)

Prime Cost

Add(+): Factory Overheads : all manufacturing


expenses

The Cost of Production over the period

Add(+): Opening Stock of Work in Process


(WIP)

Less(-): Closing Stock of Work in Process (WIP)

Cost of Goods Manufactured

Add(+): Opening Stock Finished goods

Less(-): Closing Stock Finished goods

Cost of Goods Sold

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