Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production 1 Materials purchased on account $193,900, and factory wages incurred $92.700. 2 Materials requisitioned and factory labor used by job Job Number A20 3 4 A21 General factory use 5 AZZ A23 Materials Factory Labor $38,140 $18,700 44.520 37,200 40,470 5,070 $165,400 23,600 16,400 26,200 Manufacturing overhead costs incurred on account $51.400 Depreciation on factory equipment $16.950 Depreciation on the company's office building was $15.200 6 Manufacturing overhead rate is 64% of direct labor cost Jobs completed during the quarter A20, A21, and A23 7 7,800 $92,700 Prepare a schedule showing the individual cost elements and total cost for each job in item 7
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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