In Control produces screens for use in various smartphones. The company reports the following information at December 31. In Control began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. Requirement 1. What is the cost of direct materials used? The cost of direct materials used is More info Work in Process Inventory Wages Payable Manufacturing Overhead 27,000 128,000 70,000 70,000 6,500 43,000 60,000 10,000 43,000 Balance 0 42,000 Print Done Finished Goods Inventory 128,000 115,000 Raw Materials Inventory 54,000 33,500 - X
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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