Job 602 Job 603 a. b. 39,300 36,300 Balance, April 30 47,500 Factory overhead-indirect materials Total $126,700 $181,900 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. 88 b. "Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blan 88 Fabric 83,800 c. Determine the April 30 balances that would be shown in the materials ledger accounts. Polyester Filling $6,600 $406,700 $6,600 Lumber 167,600 6,600 $721,900 Glue
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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