Given the following data for Concord Corporation, compute cost of goods manufactured: Direct materials used $120000 Beginning work in process $20000 Direct labor 100000 Ending work in process 10000 Manufacturing 80000 Beginning finished goods 25000 overhead Operating expenses 75000 Ending finished goods 15000 $300000 O $320000 O $290000 O $310000
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.
![Given the following data for Concord Corporation, compute cost of goods manufactured:
Direct materials used $120000 Beginning work in process $20000
Direct labor
100000 Ending work in process
10000
Manufacturing
80000 Beginning finished goods
25000
overhead
Operating expenses
75000 Ending finished goods
15000
$300000
O $320000
$290000
O $310000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F480de05b-a9a1-4a07-a45f-e008af177388%2F5b71f012-fc59-4839-b0d1-156daea7ae04%2Fhwtnm0b_processed.jpeg&w=3840&q=75)
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