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System 77 Manufacturing System
The System 77 Manufacturing System creates new products from components and other input costs such as labour, overheads and raw materials.
The system works on Bills of Material or formulas, and takes costs and quantities from components to create finished goods quantities and costs for manufactured products.
The Bill of Materials uses formulas as shown in this example:
100kg of raw material ABC
plus 100 liters of raw material XYZ
plus 10 hours of factory labour
plus 1 unit of factory overhead
makes 10 drums of finished product
The manufacturing system accumulates costs from components and factory charges to overheads Finished product costs.
The system uses overhead recovery accounting for factory charges. The manufacturing system has material usage requirements as well as tracking manufacturing cost variance where actual usage of materials or costs exceeds standard formulas.
Manufacturing is fully integrated with inventory and financials and removes raw materials used from inventory, updates inventory for finished products manufactured and integrates all costs into financials. |
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