Marketing Promotions Marketing salaries 1,50,000 2,50,000 Distribution Cost 1,75,000 Customer service costs 2,50,000 Requirement: Prepare Schedule of cost of goods manufactured and Income Statement.
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.
![Parrot company is a metal and wood cutting manufacturer, selling products to the home
construction market. Consider the following data for the month of October 2020.
Particulars
Amount in S
Sandpaper
Material Handling Cost
5000
175000
Lubricants and Coolants
12500
Miscellaneous indirect manufacturing labour 1,00,000
Direct manufacturing labour
7,50,000
Direct materials on 1st October, 2020
1,00,000
Direct Materials on 31st October, 2020
1,25,000
Finished Goods, October 1,2020
2,50,000
Finished goods on October 31, 2020
Work-in -progress, October 1, 2020
Work-in-progress, October 31,2020
Plant leasing Cost
Depreciation on Plant equipment
Property taxes on Plant equipment
Fire insurance on Plant equipment
3,75,000
25,000
35,000
1,35,000
90,000
10,000
7,500
Direct Material Purchased
11,50,000
Sales Revenue
34.00.000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcca04f99-348c-40bf-834d-f99d49fe6e7f%2F0ddbe12f-374b-4699-ab4a-93812a716ce9%2Fm9pv43s_processed.png&w=3840&q=75)
![Marketing Promotions
Marketing salaries
1,50,000
2,50,000
Distribution Cost
1,75,000
Customer service costs
2,50,000
Requirement: Prepare Schedule of cost of goods manufactured and Income Statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcca04f99-348c-40bf-834d-f99d49fe6e7f%2F0ddbe12f-374b-4699-ab4a-93812a716ce9%2Ffw6l4pb_processed.png&w=3840&q=75)
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