During the current month the company started and finished Job PS5. The :following data were recorded for this job Finishing Forming :Job PS5 20 90 Machine-hours 60 30 Direct labor-hours 350 OMR 940 OMR Direct materials 1920 OMR 960 OMR Direct labor cost The total job cost for Job PS5 is closest to OMR 5,694 .a O OMR 5.751 b O OMR 5,616 c O None of the given answers d O OMR 5,652 e O
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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