Hi,
1) may i know what is the difference for consumption of raw mats account and cogs produced account?
2) the total cogs for the finish goods is the total cost from these 2 account?
When the Goods are issued to the Production Order the following transactions takes place:
Consumption of Raw Materials - Dr
Stock A/c - Cr
When the Goods are received from the Production Order the following transactions takes place:
Inventory A/c - Dr
Cost of Goods Produced - Cr
thanks