For each of the following items, indicate whether it would appear on a materials requisition form (MRF), a labor time ticket (LTT), and/or a job cost sheet (JCS). Note: An item may appear on more than one document. Required: 1. Employee name. 2. Quantity of direct materials used 3 Total dollar value of direct materials 4. Applied manufacturing overhead 5. Hours worked by an employee 6. Hours a specific employee worked on a particular job. 7. Job start date. 8. Time an employee clocked in or out 9 Different jobs that a specific employee worked on JCS LTT LTT, MRF MRF MRF, JCS
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.
am. 03.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
