Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Assume the company bids its pools at total manufacturing cost plus an additional 29 percent. Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials Requisition Number MR 3345 MR 3372 MR 4251 MR 4263 MR 5236 Amount $ 1,490 930 1,200 1,760 1,990 $ 7,370 Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost Ticket TT 335 TT 340 TT 385 TT 385 TT 445 Job Cost Sheet Direct Labor Hours 23 39 22 33 34 151 Amount $ 485.30 822.90 464.20 696.30 717.40 $3,186.10 Cost Summary $ 7,370.00 3,186.10 ? Applied Manufacturing Overhead Hours ? Rate ? Amount ? The company applies overhead to jobs at a rate of $10.55 per direct labor hour. Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in the Finished Goods Inventory Account and that the Draynas paid for the pool with cash. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.

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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.