Manufacturing Costing

Concepts and Terms

• Manufacturing Costs
• Cost Accounting for a Manufacturer
• Understand the basic concepts behind the calculation of inventory value for finished goods
• Understand the valuation of cost objects in relation to their direct and indirect manufacturing costs
• Understand different types of manufactured inventory accounts
• Understand recorded transactions in the G/L accounts
• Understand different methods of standard cost calculations

Manufacturing Costing Principles

• Accounting for Manufactured Inventory in Microsoft Navision
• Understand how the program records quantity and value changes in entries
• Understand production order costing

Manufacturing Costing Functionality

• Manufacturing Costs
• Production Order Costing
• Inventory Valuation
• Posting Inventory Costs to the General Ledger
• Inventory Revaluation
• Set up the different cost elements of standard cost
• Calculate standard cost on single and multi-level
• Understand costing for purchase of raw material and its influence on inventory
• Understand costing for production and its influence on inventory
• Handle special manufacturing situations like using non-inventory items or by-products
• Handle subcontract operations
• Calculate the WIP inventory value
• Post inventory costs to General Ledger
• Revalue the WIP inventory

Standard Cost Worksheet

• Using the Standard Cost Worksheet
• Update costs at the component and capacity levels
• Consolidate and roll up component and capacity costs
• Implement the cost update for standard cost and inventory value