Data Section: Depreciation--equipment Direct labor Direct materials inventory, 1/1 Direct materials inventory, 12/31 Factory rent Finished goods, 1/1 Finished goods, 12/31 Indirect labor Indirect materials Purchases of direct materials Work in process, 1/1 Work in process, 12/31 Answer Section: Work in process, 1/1 Direct materials Direct materials inventory, 1/1 Add: Purchases of Materials Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 Cost of direct materials available Less: Direct Material, 12/31 Cost of direct materials used Direct labor Manufacturing overhead: Factory rent Depreciation - Equipment Indirect Labor Indirect Material Total manufacturing costs incurred Total manufacturing costs Less: Work in Process, 12/31 Cost of goods manufactured Finished Goods, 1/1 $45,000 642,000 91,500 93,000 76,410 132,000 172,500 Cost of goods available for sale Less: Finished goods, 12/31 Cost of Goods Sold 37,500 26,250 645,180 30,300 28,665 91,500 FORMULA1 $0 FORMULA2 $76,410 FORMULA4 FORMULA5 FORMULA6 FORMULA3 642,000 0 30,300 FORMULA7 $0 FORMULA8 FORMULA9 FORMULA10 FORMULA11 172,500 FORMULA12
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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