Concord Corporation completed Job No. B14 during 2019. The job cost sheet listed the following: Direct materials $160000 Direct labor $150000 Manufacturing overhead applied $130000 Units produced 5000 units Units sold 4800 units How much is the cost of the finished goods on hand from this job? $ 17600 $554800 $440000 $422400
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.
Concord Corporation completed Job No. B14 during 2019. The
| Direct materials | $160000 |
| Direct labor | $150000 |
| Manufacturing |
$130000 |
| Units produced | 5000 units |
| Units sold | 4800 units |
How much is the cost of the finished goods on hand from this job?
Cost sheet is a method of allocating total cost into different categories such as direct material consumed, prime cost, cost of goods manufactured, etc.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
