For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Rent Totals Budget Snowmobile $ 20,590 11,500 Actual ATV Snowmobile ATV $ 28,600 $ 20,520 $ 30,030 21,600 11,870 22,450 5,400 6,300 5,500 4,510 1,010 470 6,800 650 7,400 4,270 440 6,400 $ 49,270 $ 65,560 $ 49,000 5,500 1,070 610 7,400 $ 67,060 Exercise 22-1 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the snowmobile department. Note: Under budget amounts should be india
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.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
