FirstClass Gaming Inc. manufactures components for computer games within a relevant range of 100,800 to 165,600 components per year. Within this range, the following partially completed manufacturing cost schedule has been prepared: Components produced 100,800 128,800 165,600 Total costs: Total variable costs $41,328 (d) (j) Total fixed costs 46,368 (e) (k) Total costs $87,696 (f) (l) Cost per unit: Variable cost per unit (a) (g) (m) Fixed cost per unit (b) (h) (n) Total cost per unit (c) (i) (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.
FirstClass Gaming Inc. manufactures components for computer games within a relevant range of 100,800 to 165,600 components per year. Within this range, the following partially completed
| Components produced | 100,800 | 128,800 | 165,600 | |||
| Total costs: | ||||||
| Total variable costs | $41,328 | (d) | (j) | |||
| Total fixed costs | 46,368 | (e) | (k) | |||
| Total costs | $87,696 | (f) | (l) | |||
| Cost per unit: | ||||||
| Variable cost per unit | (a) | (g) | (m) | |||
| Fixed cost per unit | (b) | (h) | (n) | |||
| Total cost per unit | (c) | (i) | (o) |
Complete the cost schedule below. Round costs per unit to the nearest cent.
| Cost Schedule | ||||||
| Components produced | 100,800 | 128,800 | 165,600 | |||
| Total costs: | ||||||
| Total variable costs | $41,328 | $fill in the blank 1 | $fill in the blank 2 | |||
| Total fixed costs | 46,368 | fill in the blank 3 | fill in the blank 4 | |||
| Total costs | $87,696 | $fill in the blank 5 | $fill in the blank 6 | |||
| Cost per unit: | ||||||
| Variable cost per unit | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 | |||
| Fixed cost per unit | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | |||
| Total cost per unit | $fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 |
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