b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
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.
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use.
| Entry | Description | Debit | Credit |
|---|---|---|---|
| b. | Work in Process | fill in the blank 6 | fill in the blank 7 |
| Factory |
fill in the blank 9 | fill in the blank 10 | |
| Materials | fill in the blank 12 | fill in the blank 13 |
c. Factory labor used, $756,000, of which $182,000 was indirect.
| Entry | Description | Debit | Credit |
|---|---|---|---|
| c. | Work in Process | fill in the blank 15 | fill in the blank 16 |
| Factory Overhead | fill in the blank 18 | fill in the blank 19 | |
| Wages Payable | fill in the blank 21 | fill in the blank 22 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
