(b) AC). At May 31, 2022, the accounts of Ivanhoe Company show the following. 1. 2. 3. 4. (a) May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7,040. May 31 inventories-finished goods $8,170, work in process $13,680, and raw materials $6,100. Debit postings to work in process were direct materials $53,670, direct labor $43,000, and manufacturing overhead applied $34,400. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $184,900. Prepare a condensed cost of goods manufactured schedule for May 2022. eTextbook and Media List of Accounts Prepare an income statement for May 2022 through gross profit. eTextbook and Media IVANHOE COMPANY Cost of Goods Manufactured Schedule List of Accounts IVANHOE COMPANY (Partial) Income Statement Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. IVANHOECOMPANY (Partial) Balance sheet $ $
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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