Each employee for the Gedding Manufacturing Co., a firm using ajob-cost inventory costing method, must reconcile his or her total hours worked with thehours worked on individual jobs using a job time sheet at the time weekly payroll time cardsare prepared. The job time sheet is then stapled to the time card. Explain how you could testthe direct labor dollars included in inventory as a part of the payroll and personnel tests
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.
Each employee for the Gedding Manufacturing Co., a firm using a
job-cost inventory costing method, must reconcile his or her total hours worked with the
hours worked on individual jobs using a job time sheet at the time weekly payroll time cards
are prepared. The job time sheet is then stapled to the time card. Explain how you could test
the direct labor dollars included in inventory as a part of the payroll and personnel tests
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