Home Insert Page Layout Formulas Data Review View Currency Times New Rom 12 2$ Paste BI U +.0 .00 .00.0 Clipboard a Font Alignment Number C13 fe =C11 B 1 Particulars Amount(S) Amount($) 2 Beginning work in process inventory 3 Direct Materials: 4 Materials : Beginning $5,000 $5,000 $3,000 5 Add: Purchases for the month of January 6 Materials available for use 7 Deduct : Ending Materials 8 Material used 9 Direct Labor $2,000 $6,240 $2,800| 10 Overhead 11 Total manufactured overhead Si1,040 12 Deduct: Ending work in process inventory 13 Cost of goods manufactured s11,040
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.
I need help with the beginning work in process inventory, direct materials and ending work in process inventory
| : | ||||
| The following are the actual numbers for January: | ||||
| Materials | ||||
| Purchased $5,000 of Materials | ||||
| Consumed 40% of those purchased materials | ||||
| Direct Labor | ||||
| Direct Labor was $6,240 | ||||
| Overhead was $2,800 |
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