[1] The Allen Company has the following information related to production for October: Materials purchased Materials used Direct labor Actual manufacturing overhead Cost of goods completed and transferred to the Finishing Dept. Overhead is applied at a rate of 200 percent of direct labor costs. What is the total amount of debits to Work in Process for October? A. $139,000 B. $135,000 C. $79,000 D. $131,000 $45,000 49,000 30,000 56,000 125,000
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.
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![[1] The Allen Company has the following information related to production for October:
Materials purchased
Materials used
Direct labor
Actual manufacturing overhead
Cost of goods completed and transferred to the Finishing Dept.
Overhead is applied at a rate of 200 percent of direct labor costs.
What is the total amount of debits to Work in Process for October?
A. $139,000
B. $135,000
C. $79,000
D. $131,000
$45,000
49,000
30,000
56,000
125,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd73300bb-6162-4ed3-b66f-6556c243d10a%2F749f2e4b-11ca-46b2-ac71-0cc8984b7b2d%2Flat0d7h_processed.png&w=3840&q=75)
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