Lakeside Inc. manufactures four lines of remote control boats and uses activity-based costing to calculate product cost Estimated Total Cost $435,000 78,195 120,960 Activity Cost Pools Machining Setup Quality control Suppose the Speedy boat requires 2,580 machine hours, 100 batches, and 300 inspections. Using the activity rates, determine the amount of overhead assigned to the Speedy product line. (Round your Intermediate calculations to 2 decimal places and your final answers to the nearest dollar amount.) Cost Pool Machining Setup Costs Allocated Overhead S 169 Estimated Cost Driver 15,000 eachine hours 390 batches $40 inspections $782
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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