-. Using the sa , determine t oncontrolling
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![3. Using the same information in item
2, determine the percent of
noncontrolling interest ownership in
S Company as of December 31, 2019.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0497190f-823b-49ea-8761-7b567be93d4e%2F6c6c836d-249a-47fc-83c6-033e7c9197e0%2F9nqqkq_processed.jpeg&w=3840&q=75)
![2. Using the information provided in
the image below, determine the
carrying amount of the inventory that
S Company purchased from P
Company in the December 31, 2019
consolidated Statement of financial
position. *
Selected information from the separate and consolidated statements of financial position and statements of
comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the
year then ended is as follows:
P Company
S Company
Consolidated
Statement of financial position accounts
Accounts receivable. .
Inventory....
Investment in S Co...
Goodwill.
P 42,000
50,000
P 26,000
P19,000
25.000
30,000
67.000
Noncontrolling interest..
Stockholders' equity..
30,000
10,000
154,000
154,000
50,000
Statement of comprehensive income accounts
Revenues...
Cost of goods sold.
Gross profit.
P300,000
225.000
75,000
P200,000
P140,000
150,000
50,000
110,000
30,000
Equity in earnings of S Co.
Net income..
P9.000
P36,000
P20,000
P36,000
Additional information
During 2019. P Company sold goods to S Company at the same markup on cost that P Co uses
for all sales. At December 31, 2019, S Co had not paid for all of these goods and still held 50% of
them in inventory.
P Company acquired its interest in S Company five years eartlier (as of December 31, 2019)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0497190f-823b-49ea-8761-7b567be93d4e%2F6c6c836d-249a-47fc-83c6-033e7c9197e0%2Fo1cuyvl_processed.jpeg&w=3840&q=75)
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