Summary Intermediate Management Accounting (IMA) Calculations

WEEK 1 + 2

Cost of Goods Sold Beginning Stock FG + Purchases – Ending Stock
FG
Cost of Goods Manufactured Beginning WIP + Total Manufacturing Costs –
Ending WIP
Total Manufacturing Costs Raw Materials Used + Other Manufacturing
Costs
Raw Materials Used Beginning Stock RM + RM Purchased – Ending
Stock RM
Allocation Rate Costs to Allocate/Allocation rate base


FIFO Weighted Average
1 Summarize the Flow of Physical Units Summarize the Flow of Physical Units
2 Calculate Output in Terms of Equivalent Units Compute Output in Terms of Equivalent Units
3 Calculate Equivalent-Unit Costs Compute Equivalent Unit Costs
4 Summarize Total Costs to Account For Summarize Total Costs to Account For
5 Assign Total Costs to Units Completed and Assign Costs to Units Completed and Units in
Closing WIP Closing WIP


COGS Weighted-Average
Units Transferred Out
WIP Ending +
= Equivalent Units
Costs WIP
Costs Incurred This Period +
= Total Costs
Total Costs/Equivalent Units = Costs Per Equivalent Unit
COGS Ending Inventory = Costs Per Equivalent Unit * Units Transferred Out


COGS FIFO
Units Transferred Out
WIP Ending +
WIP Beginning -
= Equivalent Units
Costs WIP
Costs Incurred This Period +
= Total Costs
Total Costs/Equivalent Units = Costs Per Equivalent Unit
COGS Ending Inventory = Costs Per Equivalent Unit * Units Transferred Out