A job cost sheet of Oriole Company is given below. JOB NO. ITEM FOR Date 7/10 12 15 22 (a) 24 27 31 Direct labor Unit cost 469 White Lion Cages Todd Company Direct Materials Cost of completed job: Direct materials 700 Manufacturing overhead Total cost 900 1,640 1,560 Direct materials Direct labor Answer the following questions. Job Cost Sheet Manufacturing overhead Date Requested Date Completed. Quantity Direct Labor Total cost of the completed job $ Unit cost of the completed job 400 300 (1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? $ 700 Predetermined manufacturing overhead rate 2.000 7/2 7/31 Manufacturing Overhead Source Documents 480 (2) Overhead is applied on the basis of direct labor cost. What is the predetermined manufacturing overhead rate? 360 840 (3) What are the total cost and the unit cost of the completed job? (Round unit cost to 2 decimal places, e.g. 1.25.) %
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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