Name: Class Schedule: he following data were taken from the records of Alda Manufacturing Company: 80,000 Work In Process, Beginning Work In Process, End Finished Goods Inventory, beginning Finished Goods Inventory, end 95,000 60,000 78,000 P46,000 63,000 Raw Material Purchases Factory overhead, 75% of direct labor cost Selling and admin expense, 12.5% of sales Net income for the month 25,000 25,000 50,000 Raw materials inventory end Raw materials inventory beginning was: a. P30,000 b. P40,000 c. P46,000 d. P50,00 Cost of Goods Available for Sale was: a. P50,000 b. P150,000 c. P168,000 d. P228, he following costs and inventory data are taken from the accounting records of Mandy he year: Rent Expense Factory P20,000 Work in Process Beninning
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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