entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $28,600, Work in Process- Mixing $0, Work in Process-Packaging $275,000, and Finished Goods $317.900. The beginning inventory for Packaging consisted of 11,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 55,000 units were started into production in the Mixing Department and the following transactions were completed. 1 2. 3. 4 5. 6. 7. Purchased $330,000 of raw materials on account. Issued direct materials for production: Mixing $231,000 and Packaging $49,500. Incurred labor costs of $306,790. (Use Wages Payable) Used factory labor: Mixing $200,750 and Packaging $106,040. Incurred $891,000 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 30,800 in Mixing and 6,600 in Packaging. Transferred 49.500 units from Mixing to Packarin at 1076.000
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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