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What else can I help you with?
Are cost of goods available for sale the same as cost of goods manufactured?
No, because cost of goods manufactured is part of the first. Cost of goods available for sale also includes purchases
Is advertising cost a period cost?
Yes advertising cost is period cost as it is not part of product cost and advertisement donot tide up with production of units.
Is Depletion expense part of cost of goods sold?
Yes.
Is advertising charges are included in the selling price?
No advertisement expenses are not included in selling price because selling expenses are not part of product cost rather these are period cost.
What is inward?
carriage inwards is part of the cost of purchasing goods as it occurs when a business has to pay for goods it has purchased to be delivered to its premises
Statement of cost of goods manufactured?
The statement of cost of goods manufactured (COGM) is part of the Profit and Loss or Income Statement and it determines the actual cost of the WIP Inventory (Work in Process) on hand in a manufacturing facility.
What is Carriage Inward?
carriage inwards is part of the cost of purchasing goods as it occurs when a business has to pay for goods it has purchased to be delivered to its premises
Is carriage inwards part of a profit and loss account?
Yes, it would go in Cost of Goods Sold.
Is Factory Overhead on income statement?
yes factory overhead is part of income statement and shown in cost of goods sold statement as a product cost.
What part of speech is the word advertisement?
The word advertising is a noun and a verb. The noun form is a form of communication with the purpose to influence customer opinions on a product or service. The verb form is the present participle of the verb advertise.
Relevance of opportunity cost?
Opportunity cost is the economic, or real cost, of taking any action (as opposed to its accounting, or fiscal, cost). This cost is relevant as part of profit-optimising functions that determine allocations of spending and goods for economic agents.
With inflation what are the implications of using LIFO and FIFO inventory methods and how do they affect the cost of goods sold?
LIFO inventory valuation assumes the latest purchased inventory becomes part of the cost of goods sold, while the FIFO method assigns inventory items that were purchased first to the cost of goods sold. In an inflationary environment, the LIFO method will result in a higher cost of goods sold figure and one that more accurately matches the sales dollars recorded at current dollars.
