Determine the missing manufacturing cost data for Ivanhoe Company as presented below. (Assume all raw materials used were direct materials.) Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Work in process inventory, 1/1/22 Total cost of work-in- process Work in process inventory, 12/31/22 Cost of goods manufactured Case A 58940 (a) $61,560 50,220 211,260 63640 (b) 239,220 76,680 (c) 194,760 Case B $81,460 82,080 88,100 95080 (d) 17,820 113940 (e) 9,720 16500 (f) Case C $140,400 143640 (g) 110,160 306,340 81460 (h) 353,160 86,400 211260 (i)
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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