Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $56,200 of indirect materials)..... Direct labor (including $84,400 maintenance salaries)..... Factory overhead: Supervisor salaries-plant.... Heat, light, and power-plant. Sales salaries ... Promotional expenses.. $ 607,500 562,500 517,500 140,650 348,750 315,000 Insurance and property taxes-plant. Insurance and property taxes-corporate offices. Depreciation-plant and equipment Depreciation-corporate offices 151,900 219,400 123,750 90,000 Total ... $3,076,950
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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