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How do you calculate direct labor and work in progress if no given in the schedule of cost of goods manufactured?

In: Business Accounting and Bookkeeping, Education, Microsoft Excel [Edit categories]

Answer:

By using reverse calculation method one can calculate the missing figures with the help of provided figures by starting from known cost of good sold and moving towards upward and with the help of know or given amounts unknown amounts can be calculated.

First answer by Jabirshah. Last edit by Jabirshah. Contributor trust: 182 [recommend contributor ]. Question popularity: 1 [recommend question].

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Relevant answers:

How do you calculate direct labor if it is not given in the schedule of cost of goods maufacutred?
It's difficult to answer your question if we can't see any figures or what are the accounts given in the problem. You just need to joggle out the accounts provided to come up with direct labor used....
Is the cost of goods sold equal to the cost of goods manufactured?
No. Cost of Goods Manufactured includes direct cost and factory over heads plus adjustments for work-in progress. Cost of goods sold includes COGM + factory expenses adjusted for change in stock of...
What is definition of cost of goods manufactured?
The cost of goods manufactured is an element in preparing the income statement. It consists of the cost of producing goods: http://www.answers.com/topic/direct-material,...
How is the cost of goods manufactured determined?
Beginning work in process inventory + total manufacturing costs incurred - ending work in process inventory
Why direct labor cost method?
this question doesnt make no sense

How do you calculate direct labor and work in progress if no given in the schedule of cost of goods manufactured?

Can you answer these Business Accounting and Bookkeeping questions?

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