Job order cost sheets show the following costs assigned to each job: Job 13 Job 14 Job 15 Direct materials $7,560 $1,525 $3,290 Direct labor 3,760 3,824 3,796 The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs? Total cost for Job 13 = ? Total cost for Job 14 = ? Total cost for Job 15 = ? PLEASE NOTE: All amounts rounded to whole do
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.
6. Job order cost sheets show the following costs assigned to each job:
Job 13 Job 14 Job 15
Direct materials $7,560 $1,525 $3,290
Direct labor 3,760 3,824 3,796
The company assigns
- Total
cost for Job 13 = ? - Total cost for Job 14 = ?
- Total cost for Job 15 = ?
PLEASE NOTE: All amounts rounded to whole dollar and shown with "$" and commas as needed (i.e. $12,345).
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