3. Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the Jobs, $2,910 of indirect materials and $35,210 of indirect labor were used during the month. The cost sheets for the four Jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $30,110 Direct materials $14,080 Direct labor 11,500 Direct labor 6,000 Factory overhead 6,325 Factory overhead 3,300 Total $47,935 Total $23,380 Job 303 Job 304 Direct materials $38.110 Direct materials $8.670 Direct labor 12,800 Direct labor *1,700 Factory overhead Factory overhead Journalize the summary entry to record each of the folliowing operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. Work in Process 90.970 Factory Overhead Materials
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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