Loretto Audio produced and sold 767 units of the company's signature (and only) product in November. You have collected the following information from the accounting records: Sales price (per unit) Manufacturing costs: Fixed overhead (for the month) Direct labor (per unit) Direct materials (per unit) Variable overhead (per unit) Marketing and administrative costs: Fixed costs (for the month) Variable costs (per unit) 1. Variable manufacturing cost per unit. 2. Full cost per unit. 3. Variable cost per unit. 4. Full absorption cost per unit. 5. Prime cost per unit. 6. Conversion cost per unit. 7. Profit margin per unit. 8. Contribution margin per unit. 9. Gross margin per unit. $ 785 71,250 224 317 266 Required: a. Compute the following: Note: Round your answers to the nearest whole dollar. $ $ 83,267 35 807 1,044 $ 842 $ 900 $ 541 $ 583 $ (259) $ (57) $ (115)
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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