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Hi Frank,
Thank you for the information.. they are very helpful.
I would like to ask for your advise...
What is COGS Machine , from which there are COGS Machine Fixed OH &
COGS Machine Var. OH
They shows up when we are setting up the item in FIFO Periodic Valuation Method for
we would like to use Standard Costing method.
Are COGS Machine , COGS Machine Fixed OH, COGS Machine Var. OH
--> same as Standard Overhead Cost, / Standard Fixed Overhead Cost, / Standard Variable Overhead Cost.
If COGS Machine is not the same as "Standard Overhead Cost".
Where is the Standard Overhead Cost ( in Great Plain) , & I could assign a GL Account number for the Standard Overhead Cost?
Again.. Thank you very much for your help.
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Manufacturing retains 9 breakdowns of the cost of building a product. These costs are traced from the source raw materials, through labor and overhead absorption, to inventory to COGS. By using separate account numbers, you can report on the Machine time, the machine Fixed overhead, and the Machine Variable Overhead absorbed into the manufacturing process long after products are sold. This can give management a view of the source of costs of products sold.
BTW...we have a great book (Manufacturing Cost Accounting) that covers this in depth. Check out web site.
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