he lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity or the month of November 2020, when 800 tests were conducted, resulted in the following. Direct materials (1.680 test tubes) Direct labor (824 hours) Variable overhead Fixed overhead $1,512 23,896 4,320 9,600 Monthly budgeted foxed overhead is $15.600. Revenues for the month were $52,000, and selling and administrative expenses were
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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