Overview
Explain the following * Prime cost * Direct/indirect labour * overhead (works, indirect expenses) * work in Progress. * Cost of Production. Identify the items that make up the manufacturing account to trading accounts. Prepare manufacturing accounts Relates manufacturing account to trading account. Prepare a balance sheet.
What you'll learn
- Manufacturing account
- - layout
- - preparation
- Trading and Profit and Loss account.
- Balance sheet
- - Layout
- - Preparation.