Bramble Company has developed the following standard costs for its product for 2022: Product A Cost Component Direct materials Direct labor Manufacturing overhead ● Actual results for 2022 are as follows: . ● ♥ BRAMBLECOMPANY Standard Cost Card Standard Quantity 4 pounds 3 hours 3 hours O X Et = Standard Price The company expected to produce 32,500 units of Product A in 2022 using 97,500 direct labor hours. $3 ,C 8 4 C Standard Cost $12 24 12 33.510 units of Product A were produced. Actual direct labor costs were $807,700 for 98.500 direct labor hours worked. Actual direct materials purchased and used during the year cost $380.875 for 138.500 pounds. d Actual variable overhead Incurred was $169.000 and actual fixed overhead incurred was $221,000. Compute the following varlances showing all computations to support your answers. Indicate whether the variances are favor unfavorable. $48
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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