Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:   Materials June 1 Balance 30,100 June 30 Requisitions (A) June 30 Purchases 121,000       Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C)       June 30 Direct labor (D)       June 30 Factory overhead applied (E)       Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F)       Wages Payable       June 30 Wages incurred 120,000             Factory Overhead June 1 Balance 21,800 June 30 Factory overhead applied (E) June 30 Indirect labor (H)       June 30 Indirect materials 16,100       June 30 Other overhead 95,400         In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No.   Style Quantity Direct Materials Direct Labor 201   T100 210     $20,870       $16,000     202   T200 400     33,800       25,000     203   T400 210     14,690       8,000     204   S200 270     33,750       27,000     205   T300 160     17,000       15,000     206   S100 150     8,600       5,000         Total 1,400     $128,710       $96,000       b. Factory overhead is applied to each job at a rate of 160% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, June 1 201 T100 $6,200       202 T200 15,600       Total   $21,800         d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July 201 T100 X 168   202 T200 X 320   203 T400   0   204 S200 X 227   205 T300 X 133   206 S100   0     1.  Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers.   Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 201 fill in the blank 1 $ 6,200   $ 20,870   $ 16,000   $fill in the blank 2   $fill in the blank 3   $fill in the blank 4   fill in the blank 5   $fill in the blank 6   No. 202 fill in the blank 7 15,600   33,800   25,000   fill in the blank 8   fill in the blank 9   fill in the blank 10   fill in the blank 11   fill in the blank 12   No. 203 fill in the blank 13     14,690   8,000   fill in the blank 14   fill in the blank 15       fill in the blank 16   fill in the blank 17   No. 204 fill in the blank 18     33,750   27,000   fill in the blank 19   fill in the blank 20   fill in the blank 21   fill in the blank 22   fill in the blank 23   No. 205 fill in the blank 24     17,000   15,000   fill in the blank 25   fill in the blank 26   fill in the blank 27   fill in the blank 28   fill in the blank 29   No. 206 fill in the blank 30     8,600   5,000   fill in the blank 31   fill in the blank 32       fill in the blank 33   fill in the blank 34   Total fill in the blank 35 $21,800   128,710   96,000   $fill in the blank 36   $fill in the blank 37           $fill in the blank 38     a. Materials Requisitions  $fill in the blank 39 b. Work in Process Beginning Balance  $fill in the blank 40 c. Direct Materials  $fill in the blank 41 d. Direct Labor  $fill in the blank 42 e. Factory overhead applied  $fill in the blank 43 f. Completed jobs  $fill in the blank 44 g. Cost of goods sold  $fill in the blank 45 h. Indirect labor  $fill in the blank 46 2.  Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.   Materials: $fill in the blank 47 Work in Process: $fill in the blank 48 Finished Goods: $fill in the blank 49 Factory Overhead: $fill in the blank 50

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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.