AC505- MANAGERIAL ACCOUNTING WORKSHEETS
COST OF GOODS MANUFACTURED SCHEDULE
Direct Materials:
Raw Materials Inventory _______
Add: Purchases of raw materials _______
Raw Materials Available for Use _______
Deduct: Raw Materials Inventory _______
Raw Materials ________
Direct Labor ________
Manufacturing Overhead:
Rent on Facilities ________
Insurance ________
Indirect Labor ________
Utilities ________
Maintenance, factory ________
Depreciation, factory ________
Total Overhead Costs ________
Total Manufacturing Costs ________
Work in process inventory ________
Deduct: Work in process inventory ________
Cost of Goods Manufactured ________
COST OF GOODS SOLD
Beginning Finished Goods Inventory ________
Add: Cost of Goods Manufactured ________
Cost of Goods Available for Sale ________
Deduct: Finished Goods Inventory, ________
Cost of Goods Sold ________
INCOME STATEMENT
Sales ________
Less: Cost of Goods Sold _______
Gross Margin ________
Less: Administrative Expenses _______
Less: Selling Expenses _______
Net Operating Income ________
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JOINT PRODUCT COSTING
Units Price Total
Product A (# of Units) x Unit Price = $$$
Product B
Total
Revenue, if processed further
Less:
Additional Opportunity Costs ($$$)
Total Cost of Processing
Net Disadvantage of Processing
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Alternative Method:
Revenue if processed further $$$$
Revenue if Sold As Is -($$$)
Incremental Revenue
Incremental Cost of Processing -($$$)
Incremental Disadvantage $$$$
MAKE/BUY DECISION
Make Buy (Seller Offering Goods)
Direct Materials
Direct Labor
Variable Overhead (% x #)
Total Cost to Make
Cost To Buy
Cost Saving
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FLEXIBLE BUDGETING
Original Budget Actual Costs
Direct Materials
Direct Labor
Variable Overhead
Fixed Overhead
Total
(Note: Divide Units by each of the above to get Unit Price)
Cost Formula: Total Cost = Variable Cost + Fixed Cost
(SP x SQ) (AQ x SP) (AQ x AP) (2-3)
Original Budget Flexed Budget Actual
(Units) (Units) Cost Variance
Item (Always Given) (Always Given)
(Price divided by Units = Unit Price)
(Note: Subtract Flexed Budget # from Actual # to get Variance)
