Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,210 Factory utilities $440 Direct materials used 22,640 Depreciation, factory equipment 1,790 Work in process, 6/1/20 3,580 Direct labor 42,090 Work in process, 6/30/20 3,980 Maintenance, factory equipment 1,810 Finished goods, 6/1/20 5,230 Indirect materials 2,670 Finished goods, 6/30/20 8,520 Factory manager’s salary 3,910
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.
| Indirect factory labor | $5,210 | Factory utilities | $440 | |||
|---|---|---|---|---|---|---|
| Direct materials used | 22,640 | 1,790 | ||||
| Work in process, 6/1/20 | 3,580 | Direct labor | 42,090 | |||
| Work in process, 6/30/20 | 3,980 | Maintenance, factory equipment | 1,810 | |||
| Finished goods, 6/1/20 | 5,230 | Indirect materials | 2,670 | |||
| Finished goods, 6/30/20 | 8,520 | Factory manager’s salary | 3,910 |
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CEPEDA CORPORATION
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