Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product 127, 700 Advertising expense $48, 600 Depreciation on plant 63, 300 Property taxes on plant 21, 800 Property taxes on store 7, 630 Delivery expense 23, 500 Labor costs of assembly - line workers 120, 100 Sal commissions 44, 900 Factory supplies used 29,400 Salaries paid to sales clerks 51, 800 Work in process nventory was $13, 400 at January 1 and $17,300 at December 31. Finished goods inventory was $62, 100 at January 1 and $47, 500 at December 31. (a) Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured Senter cost of goods manufactured in dollars eTextbook and MediaAssistance Used eTextbook Video Attempts: 2 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
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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