Job Number 7640 7641 7642 Other data: 1. 2. the year ended December 31, 2022, the job cost sheets of Oriole Company contained the following data. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $27,500 33,000 Direct Manufacturing Labor Overhead $26,400 39,600 19,800 47,300 52,800 63,800 60,500 12,100 Total Costs $31,680 $85,580 47,520 120,120 23,760 55,660 63,360 163,460 72,600 196,900 Raw materials inventory totaled $16,500 on January 1. During the year, $154,000 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $95,700 and Job No. 7639 for $101,200. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $583,000. Manufacturing overhead incurred on account totaled $132,000. Incurred depreciation on factory machinery $8,800. Assigned indirect materials of $15,400 and indirect lahor of $18800
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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