13) Cienfuegos Corporation has provided the following data concerning last month's operations. Purchases of raw materials 36,000 Indirect materials included in manufacturing overhead 4,000 Direct labor cost $$8,000 Manufacturing overhead applied to Work in Process 200,000 Overapplied overhead 3,000 Beginning Ending 10,000 $21,000| Raw materials inventory "Work in process inventory 62,000,0 Finished goods inventory S36,000|$40,0 The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? A) $157,000 B) $154,000
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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