Manufacturing cost data for Sheffield Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Case C Direct materials used $ enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (a) $ 88,800 $ 64,150 Direct labor 55,000 146,900 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (h) Manufacturing overhead applied 44,000 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (d) enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (i) Total manufacturing costs 151,950 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (e) 214,000 Work in process 1/1/20 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (b) 22,700 18,800 Total cost of work in process 212,100 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (f) enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (j) Work in process 12/31/20 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (c) 15,100 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (k) Cost of goods manufactured 194,000 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places
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.
Manufacturing cost data for Sheffield Company, which uses a
Indicate the missing amount for each letter. Assume that in all cases manufacturing
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Case A
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Case B
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Case C
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| Direct materials used | $ enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (a) | $ 88,800 | $ 64,150 | |||||
| Direct labor | 55,000 | 146,900 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (h) | |||||
| Manufacturing overhead applied | 44,000 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (d) | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (i) | ||||
| Total |
151,950 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (e) | 214,000 | |||||
| Work in process 1/1/20 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (b) | 22,700 | 18,800 | |||||
| Total cost of work in process | 212,100 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (f) | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (j) | ||||
| Work in process 12/31/20 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (c) | 15,100 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (k) | ||||
| Cost of goods manufactured | 194,000 | enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places | (g) | 229,300 |
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