Managerial Accounting - Overhead, inventory, GAAP, and margins

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Chapter 11 Compare the accounting treatment of material and labor costs for a manufacturing versus a service company. Define the three elements of GAAP-defined product costs Allocate overhead cost between inventory and cost of goods sold. Compute the cost of goods manufactured, the cost of goods sold and gross margin. Understand the flow of inventoriable costs through the records of an organization. Be able to calculate ending dollar values in the various inventory accounts. Describe the features of an "actual" cost system and a "normal" cost system