1. Cost of goods manui ed; prime and converslon costs. Mat Company's Purchases of materials during March totaled $110,000, and the cost of goods sold for (3) Compute the conversion cost charged to work in process during March. larch was $345,000. Factory overhead was 50% of direct labor cost. Other inlormation Parchases of materials during March totaled $110,000, and the cost of pertaining to Mat Company's inventories and production tor March is as Beginning Ending $102,000 40,000 20,000 Inventories: Finished goods.. Work in process.. Materials... $105,000 36,000 26 000 ..... Required: (1) Prepare a schedule of cost of goods manutactured for March (2) Compute the prime cost charged to work in process during March. (3) Compute the conversion cost charged to work lin process during March
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.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
