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In this introductory course we’ll explore classifying costs as product vs non-product and how this impacts the accounting in a manufacturing environment. This is the building block of understanding how to account for a manufacturing company. In this course, the concept of costs flowing through inventory accounts is introduced.
 

Course Key Concepts: Introductory managerial accounting, Classifying costs, Manufacturing, Product, Direct materials, Direct labor, Overhead, Period costs, Raw materials.

 

Learning Objectives

  • Identify and classify costs.
  • Discover how to apply correct accounting of costs.
  • Explore preparing schedules for production accounting.
Last updated/reviewed: July 11, 2020

1 Review (2 ratings)Reviews

5
Member's Profile
This course was easy to understand and provided a good foundation for gaining an understanding of inventory accounting. It explained the three main accounts in inventory and how they work together. It also helped participant understand how inventory interacts with the income statement.

Prerequisites

Course Complexity: Foundational

Basic understanding of journal entries, t-accounts, the accounting equation (Introductory Financial Accounting)

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  7:59Introduction to Classifying Costs
  14:32Examples
  15:41Inventory Accounts
  13:36More Practice Examples
  11:20More Practice Examples Cont'd
Continuous Play
  1:03:09Introductory Managerial Accounting - Classifying Costs
Supporting Materials
  PDFHandout: Introductory Managerial Accounting – Classifying Costs
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM