d overhead costs to the three products using the companywide allocation base of direct labor hours. The c ented an ABC system when it installed computer-controlled assembly stations that rendered the traditional ve. In implementing the ABC system, the company identified the following activity cost pools and cost drive pry ty Total Pooled Cost $ 376,000 206,400 109,600 304,000 : materials cost Types of Costs Indirect labor wages, supplies, factory utilities, machine maintenance Materials handling, inventory storage, labor for setups, packaging, labeling and shipping, scheduling Research and development Rent, general utilities, maintenance, facility depreciation, administrative salaries al data for each of the product lines follow: Machine hours Number of pre Time spent by Square foota Commercial Home Miniature $ 25.04 per unit $15.04 per unit $ 12.04 per unit Total

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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.