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.
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.
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
***** 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
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
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. 🤓
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) ,
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!
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
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.
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
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.
Haha. Thanks for watching!
This just helped me completed a problem solving assignment. Thanks alot from Papua New Guinea. 👍
God bless people like you. My ass has just been saved yet again
THANK YOU!!!!!! You just saved my ass... in homework terms...
I didn't quite get this from lecture. THANK YOU!
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 :-)
Thank you for this, really helpful for college students like me 😍😉
extremely helpful, thank you!
Good explanation 😊
going to try this and let u know how it worked for me ...thank u
U r goated!!! Thanks!!
Thank you!! it was very helpful!!
This was pretty awesome! Very clear and to the point! Thanks
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.
im still confused. im not sure im understanding the statement that they gave me in my classI hate accounting
super helpful!! thanks!
Best!
Thank you, this video was so straight forward!
This helped me out a lot!! Thank You
This helped me so much with my ACCT homework! Thank you so much!
i love your work dude!
Hi Great video! Just wanted to ask how to calculate work in process for cogm in a month
Thanks
Thank you
it was very helpful❤️
7-1
THANK YOU!
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
Hello how are you teacher be strong? Please give wè COC new carculm for level four about costing system?? Please please don't forget?
what do we have to do if there's something called Returns of raw material to suppliers?
The FG beg and end did you just make these numbers up or are the from the totals of DM & DL?
Shouldnt the WIP ending (14,000) be increased instead of decreased?
thisis amazing
can you also put synonym for words such as ending inventory and so forth. please
I wish you compared COGS for manufacturing VS merchandising
***** 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
Thanks, Bro I can get an A now ;)
@@NotepirateDave That's correct
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
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. 🤓
THIS SAVED MY ASS
hello, where do we place plant and equipment in manufacturing cost statement
You don't. The cost of goods manufactured statement looks at inventory, not property, plant and equipment.
Why to add the difference of the Work in Progress at the beginning and end to the COGM ? Can you enlighten more.
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).
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) ,
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!
hi! i hope you see this!
but I just wanna ask hoy you prepare the same statement but under Variable Costing method?
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
what if you are trying to solve for direct labor?
How would I find Raw material purchases without it being given to me by the problem?
has to be given
If raw materials purchases is not given?
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?
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.
I'm here the day before my exam.
You would be surprised how many comments I get saying this 😆
sound??
U just reminded me of the 7-0 ,, how cruel !!!!
This video was mostly helpful but the end is just weird. You wrote 12,000+49,000=41,000
...What....
Hell background..
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