manufacturing information 1

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Here is the instruction below

Manufacturing Information

You manage custom orders of Alpine Auto’s luxury automobiles manufacturing division. The company’s raw materials consist mainly of fiberglass, metal, plastic and computer technology.

  • Describe what manufacturing information would be important to track. Please make sure to report the accounting documents used to gather and report this information.

1. From: Sarah Mcconnell posted Feb 24, 2018 7:27 PM

Hello everyone,

There is some information that I would like to track. To begin, I will track the processing cost, inventory of materials, wages payable and manufacturing overhead. These pieces of information listed would be able to offer a great look of what the business is earning and spending. It would be crucial to maintain the track of inventory so in that case, the business will notice when and if they have plenty of material. Processing cost is great to track so that the business will notice how much is being used while creating the items. In overall, since all of the businesses produce a variety of products, what is tracked will change by relying on the business.

References:

Weygandt, J., Kimmel, P. & Kieso, D. (2015). Accounting principles (12th ed.). Hoboken, NJ: John Wiley & Sons, Inc.

2. From: Jaime Sanders posted Feb 24, 2018 6:43 PM

A manufacturing company would need to track costs of all raw materials used during the process of manufacturing their products. In addition, costs of materials in inventory would need to be tracked so that the proper price is recorded for the materials as they are used. Work in process inventory and finished goods would also be tracked separately so that they are easily identifiable. Cost of goods sold, direct labor, indirect labor and manufacturing overhead should also be accounted for. Invoices, purchase orders, requests for materials and inventory records will be documents used by the various departments to trace the costs of the materials and products they are responsible for.

Jaime Sanders

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Accounting Principles, 12 Edition. Wiley. Retrieved from https://bookshelf.vitalsource.com/books/9781119034…

3. From: David Cogar posted Feb 24, 2018 11:30 AM

Professor and Class,

You manage custom orders of Alpine Auto’s luxury automobiles manufacturing division. The company’s raw materials consist mainly of fiberglass, metal, plastic and computer technology.

Describe what manufacturing information would be important to track. Please make sure to report the accounting documents used to gather and report this information.

I would track the following items for Alpine Autos:

>cost of raw materials

>inventory of materials

>work-in-process inventory

>finished goods inventory

Cost of goods sold inventory

>labor cost

>manufacturing overhead

Since all companies produce different things, what is tracked can/will vary depending on the company.

Dave Cogar

Weygandt, Jerry J., Paul Kimmel, Donald Kieso. Accounting Principles, 12th Edition. Wiley, 2015-01-05. [Kaplan].

 
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