Following employees are, employed by the Barnegat Bay Canning Company, and submitted the following labor data for the first week in June: Marry 370 units 40 hours Tom 410 units 40 hours William 470 units 40 hours Tim 540 units 40 hours Fahad 560 units 40 hours Required: A schedule showing efficiency ratio, employee earnings, unit labor cost,
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.
Following employees are, employed by the Barnegat Bay Canning Company, and submitted the following labor data for the first week in June:
Marry 370 units 40 hours
Tom 410 units 40 hours
William 470 units 40 hours
Tim 540 units 40 hours
Fahad 560 units 40 hours
Required: A schedule showing efficiency ratio, employee earnings, unit labor cost, unit
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