1. JYD Manufacturing uses departmental cost driver rates to apply manufacturing overhead costs to products. Manufacturing overhead costs are applied on the basis of machine hours in the Machining Department and on the basis of direct labor hours in the Assembly Department. At the beginning of 2021. the following estimates were provided for the coming year: Machining Assembly Direct labor hours 10,000 dlh 90,000 dlh Machine hours 100,000 mh 5.000 mh Direct labor cost P80,000 P720,000 Manufacturing overhead 250,000 360,000 The accounting records of the company show the following data for Job # 100: Machining Assembly Direct labor hours 50 dlh 120 dlh Machine hours 170 mh 10 mh Direct material cost P2,700 P1.600 P 400 P 900 Direct labor cost How much is the total cost of Job 100?

Q: Define product cost

A: Direct costs is referred to as the cost which can be traceable to a product directly. Example,…

Q: ustomizing cost

A: Cost accounting is one of the accounting system that is used by the businesses. The main purpose of…

Q: how activity based costing has been discovered?

A: Activity-based costing, often known as ABC, is a way of allocating overhead and indirect expenses to…

Q: What was the net capital spending in 2019? SHOW WORK

A: NET CAPITAL SPENDINGNet Capital Spending is the Amount which is Incurred by the Organisation for…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: Define Cost effectiveness.

A: Cost effectiveness refers to the examination of both cost and health outcomes of different course of…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define cost structure.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: job costing system implementaion?

A: Job Costing System: The act of gathering information on the expenses associated with a particular…

Q: Define relevant cost.

A: Relevant cost is a cost which can be changed with change in selection of a alternative decision.…

Q: real life example of Absorption costing and traditional costing

A: Absorption costing is a managerial accounting method in which we capture all costs that is…

Q: evaluation of and synthesis of key costing techniques

A: Costing techniques are important tools used by businesses to analyze and control their costs.

Q: How many cost pools are in an activity-based costing system?

A: Activity-Based Costing: Activity-Based Costing refers to the allocation of the factory overheads…

Q: Describe the term direct costing.

A: Direct costing: It is the method wherein, the variable manufacturing costs are allocated to…

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.