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 .