Jute Co. manufactures mid-range and high-end stereos. The costs and activities are as follows: Raw materials per unit Direct labor per unit units produced activity. set up inspection and testing machine maintenance Your Answer $ $ $ 1,700 Mid 400 $ predetermined OH rate per setup per inspection hour per machine 1,900 1,200 10 hour If Jute Co. uses activity based costing, what is the cost per unit for mid-range? Do not round until the last computation. Enter rounded to TWO DECIMAL places, no commas and no dollar sign. 500 $ 215 175 Mid 45 High $ 1,500 $ 5 300 250 High 60 20 setups Insp. HRs MHRs
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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