How to Prepare a Cost of Goods Manufactured Statement (Cost Accounting Tutorial #24)

[@larryenticer2783]

God bless people like you. My ass has just been saved yet again

[@mathewjr]

This just helped me completed a problem solving assignment. Thanks alot from Papua New Guinea. 👍

[@alexadalpedri7094]

THANK YOU!!!!!! You just saved my ass... in homework terms... I didn't quite get this from lecture. THANK YOU!

[@axanastanislava3784]

So easily explained. I love that you presented a "big picture" sort of explanation about it. Thank you so much! I get it now!! lol :-)

[@christine9512]

extremely helpful, thank you!

[@spiritus2475]

Coming to this video many years down the line He's about to watch the world cup "I'm a bit of a super fan for Germany." Damn, this guy is about to have a really good day. Good for him, after saving our asses with this video.

[@NotepirateDave]

Haha. Thanks for watching!

[@clingyvibes2303]

Thank you for this, really helpful for college students like me 😍😉

[@Sujin891]

Good explanation 😊

[@desireedombek1201]

This was pretty awesome! Very clear and to the point! Thanks

[@presidentbrau5774]

U r goated!!! Thanks!!

[@07aalvarez]

Thank you!! it was very helpful!!

[@MrLiquidxIce]

7-1

[@portiafielies4976]

going to try this and let u know how it worked for me ...thank u

[@angelogarcia2186]

im still confused. im not sure im understanding the statement that they gave me in my classI hate accounting

[@reannelazar1877]

Thank you, this video was so straight forward!

[@vividartstudioz]

i love your work dude!

[@murielabk7015]

super helpful!! thanks!

[@Brainwavebounty]

Just earned 3 weeks of material in 10 minutes. One question. President's salary would not be considered direct labor or manufacturing overhead right? What about Plat Supervisor's salary? He is technically part of manufacturing so I am not sure.

[@shahbazaftab7188]

This helped me out a lot!! Thank You

[@aschecan6891]

Best!

[@shoug-i7]

Thank you it was very helpful❤️

[@papayugoslava5997]

This helped me so much with my ACCT homework! Thank you so much!

[@Wardahera]

Hi Great video! Just wanted to ask how to calculate work in process for cogm in a month Thanks

[@Zoe-nh8fe]

THANK YOU!

[@glowy7216]

what do we have to do if there's something called Returns of raw material to suppliers?

[@samchi3985]

thisis amazing

[@lotabalitaan1382]

Shouldnt the WIP ending (14,000) be increased instead of decreased?

[@marialebea7902]

Thank you so much but I am failing to interprete the additional information given to me when calculating my cost of goods manufactured. Let's say for instance I'm given $28600 as my water and electricity (30% is for water) with this additional information: During the year, the factory utilized 5 500 litres of water and 38 500 kilowatts of electricity while the office building utilized 2 750 litres and 11 000 kilowatts. The factory occupies 77% of the total property space. How do I interpret it and put everything on its rightful place

[@sheenabeanorr]

The FG beg and end did you just make these numbers up or are the from the totals of DM & DL?

[@GUDDAisHere]

I wish you compared COGS for manufacturing VS merchandising

[@GUDDAisHere]

***** In class we have to find cogs for a manufacturing sector and cogs for a merchandising sector. Just wish you should the difference between the two, e.g. manufacturing has a cogm statement, while cogs for merchandising does not have a statement you just solve for cogs. However you didn't show how to find cogs for merchandising. I know solving for cogs for merchandising sector is easier than cogs for manufacturing... just wished you should the difference between the two. Its ok, I still love you. And as I've stated on other videos i keep showing people your vids and will continue to do so. you are awesome

[@benjiledua5422]

can you also put synonym for words such as ending inventory and so forth. please

[@benwambua8622]

hello, where do we place plant and equipment in manufacturing cost statement

[@NotepirateDave]

You don't. The cost of goods manufactured statement looks at inventory, not property, plant and equipment.

[@MuhammedHassen-s2u]

Hello how are you teacher be strong? Please give wè COC new carculm for level four about costing system?? Please please don't forget?

[@mattchew628]

THIS SAVED MY ASS

[@aaaa5152]

Thanks, Bro I can get an A now ;)

[@aaaa5152]

@@NotepirateDave That's correct

[@ericwilkinson1672]

Can we account for the depreciation of the machines in the cost of goods? It seems that if the machines are being used to make the product (causing the wear and tear) should go into the cost to make the product because they will eventually need to be replaced. I am thinking from a start-up manufacturing and trying to figure out what the cost of each widget. Thanks

[@NotepirateDave]

Well the depreciation cost is considered manufacturing overhead which goes into the cost of goods manufactured. In the end, it's factored into the cost of goods sold. 🤓

[@johnweber2248]

what if you are trying to solve for direct labor?

[@TheJayeshmotwani1]

Why to add the difference of the Work in Progress at the beginning and end to the COGM ? Can you enlighten more.

[@JAFFER3657]

He said to add the cost of goods which are moved from WIP to FG (Jo cost move hochuki WIP se FG me usko adjust karne ke liay COGM me add kia hai).

[@mohammadtariqhussainawan2263]

dear, we add beg WIP(which are uncomp manufacturings of last year), to add them in the current years finished goods, ( as they r comp in current year), and less the uncomp( ending WIP) ,

[@christinejoypagatpat6069]

hi! i hope you see this! but I just wanna ask hoy you prepare the same statement but under Variable Costing method?

[@NotepirateDave]

Hey Christine, This isn't an income statement (which is what I think you're mixing it up with). An income statement can be prepared on a contribution (variable costs) or absorption basis (COGS includes both variable and fixed cost components). I'd suggest looking further into the playlist for the contribution method approach. Dave

[@samir.ebrahim]

I'm here the day before my exam.

[@NotepirateDave]

You would be surprised how many comments I get saying this 😆

[@ashfaqwarraich9787]

If raw materials purchases is not given?

[@catpaws1913]

ashfaq warraich doesn't that just mean there's no purchases and the available rm will be the beginning bal. Idk, did you find out?

[@muhammadzeeshanbaloch5976]

ashfaq warraich if purchases not given then raw material beginning will be raw material available & if you want to find out purchases then make the statement in the sequence and leave purchase line see you have available rm - beginning rm you get purchases.

[@viper7981]

How would I find Raw material purchases without it being given to me by the problem?

[@globaltop5430]

has to be given

[@tmontaf9175]

This was very helpful - clear and simplified, but my accounting problem has 'Total manufacturing cost to account for' - what does this mean? I am unable to determine what information needs to go in this field....help!

[@mdraihanulislamtomal6064]

sound??

[@mr.stranger5641]

U just reminded me of the 7-0 ,, how cruel !!!!

[@Oxcilic]

This video was mostly helpful but the end is just weird. You wrote 12,000+49,000=41,000 ...What....

[@wajidhussain8698]

Hell background..

[@Kingwez]

DM used = RAWMbeg + RAWMpur = AVAILABLE RAWM - Ending Inv DL = Any label that produces products ex 12000$ label cost employees MOH = IM + IL + FR + FU or any thing that replayed to the factory. + WIPbeg - WIPend = COGM .. FGbeg + COGM = Available FG - FGendinv = COGS