Grandmas Garage currently employs six technicians. The shop is organized using the team system approach. During the past week all six technicians on the Gold Team worked 40 hours and the team produced a total of 282 flat-rate hours. The flat-rate pay rates for the team members are: Jerry - $18; Monica - $19; Craig - $11 Beth $22; Joe - $15; Heather - $12 You Decide: a) What did each of the six technicians earn last week? Jerry Beth Monica Joe Craig. Heather, b) How many flat-rate hours did the entire shop produce last week?.
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.
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