2.1: Chapter 1 Study Plan
- Page ID
- 65674
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Knowledge Targets
I can define the following terms as they relate to our unit:
Direct Cost | Indirect Cost | Prime Cost | Conversion Cost
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Product Cost | Period Cost | Direct Material | Direct Labor
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Overhead | Raw Materials | Indirect Materials | Indirect Labor
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Cost of Goods Sold | Variable Cost | Fixed Cost | Cost of Goods Manufactured
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Financial Accounting | Managerial Accounting | Goods in Process | Finished Goods
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Reasoning Targets
- I can identify differences between financial and managerial accounting.
- I can classify costs as direct or indirect, fixed or variable, prime or conversion, and product or period.
- I can identify product costs as direct materials, direct labor or overhead.
- I can understand the flow of goods from raw materials inventory to goods in process inventory to finished goods inventory.
- I can understand the difference between cost of goods manufactured and cost of goods sold in a manufacturing environment.
- I can prepare a manufacturing statement with cost of goods manufactured calculated.
Skill Targets
- I can calculate direct materials used from raw materials inventory data.
- I can calculate cost of goods manufactured for a manufacturer.
- I can calculate cost of goods sold for a merchandiser and a manufacturer.
- I can prepare a manufacturing statement with cost of goods manufactured calculated.
Click Chapter 1 Plan for a printable copy.