Materials requisitioned Direct labor cost Direct labor hours Machine hours Assembly Finishing Assembly Finishing A total of 1,500 units were produced on job #8675. $13,500 $12,000 1,275 hours 1,300 hours 750 hours 525 hours Problem Assume that Phyllis uses separate departmental overhead rates based on direct labor hours for assembly and machine hours for finishing. Calculate the unit cost for each of the 1,500 units produced by job #8675. (Enter your answer with two 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.
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