Production Cost Statement (Grade 12 NSC Matric Accounting): Flashcards
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Production cost statement
Production cost statement
Shows total manufacturing cost in a period
Prime cost
Prime cost
Direct materials cost + Direct labour cost
Direct materials cost equals
Direct materials cost equals
Raw materials issued to factory
Direct labour cost includes
Direct labour cost includes
Production wages, UIF, overtime for factory workers
Factory overhead
Factory overhead
Indirect costs of running the factory
Total cost of production
Total cost of production
Prime cost + Factory overhead cost
Cost of goods manufactured
Cost of goods manufactured
Total production + Opening WIP - Closing WIP
Raw materials cost per unit
Raw materials cost per unit
Direct materials cost ÷ Units manufactured
Total cost per unit
Total cost per unit
Cost of finished goods ÷ Units manufactured
Costs NOT on production cost statement
Costs NOT on production cost statement
Administration and selling costs