_______Raw Material______ ____Work in Process _____ ___ Finished Goods_______

Beginning Inventory Beginning Inventory Beginning inventory

_______________________________ __________________________ _____________________________

Ending inventory Ending Inventory Ending Inventory

1. Using only the terms below, fill in the basic components that go into each of these t-accounts above. Note 3 of these terms will be used twice.

Materials purchased Materials used Direct labour

Manufacturing overhead Goods completed Goods purchased by customers

2. Fill in the other names you can call the following items use your work in #1 to help you with this.

Materials used _______ Goods manufactured ______ Goods sold _______

3. What are the income statement partners for the following inventory accounts:

Raw materials - ___________________ WIP Inventory - __________________

Finished goods inventory - ________________

4. If prime costs = DM + DL then is DM materials purchased or materials used? ________

5. Prime costs are found in the _____________ inventory account

6. If direct costs = prime costs then direct costs = ___ + ___

7. Direct costs are found in the _____________ inventory account

8. If direct costs = direct costs of production then direct cost of production = _____ + ______

9. Direct costs of production are found in the ______________ inventory account

10. Costs of production are found in the _____________ inventory account

11. The difference between TOTAL cost of production for the period and current period cost of production is _____________

12. In WIP inventory goods completed move to ___________ and can also be called __________ .

13. In finished goods inventory goods leaving finished goods go to _____________ . Goods can only leave finished goods if they are ______.

14. Conversion costs are ____ + ____

15. Production costs added in the month = ____ + ____ + ____

16. TOTAL production costs for the month = ____ + ____ + ____ + ____

17. Net income = ________ - ________ - _________.

18. Gross profit = _________ - _________.