Manufacturing accounts – Fill in the blanks

1. Net sale - Cost of goods sold = .

2. Cost of good sold = Opening finished goods + - closing finished goods.


3. Cost of goods manufactured = Opening W.I.P + - closing W.I.P.

4. Direct labour + direct material consumed + factory overhead = .

5. Opeinig W.I.P + factory cost - closing W.I.P = .

6. Raw material consumed = opening R.M + purchased during the period - .

7. Manufacturing concerns convert raw materials into .

8. Direct material is the material which can be directly charged to .

9. All expenses other than direct material and direct labour incurred on the manufacturing of a product are called .

10. If predetermined factory overhead are less than the actual factory overhead it is called .

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