matt inc a toy manufacturing company uses job order cost cost system. factory overhead is applied at 70% of direct labor cost. during the month jobs 100, 101, and 103 were finished. jobs sold during the month were 101 and 103. complete the table and answer the questions below. Job 100: direct materials 3500, direct labor: 5500, factory overhead [a], Total cost [b], Job 101: direct materials 1800, direct labor: 1750, factory overhead: [d, Total cost: [d], job 102 direct materials 1200, direct labor: 3900, factory overhead: [e], total cost [f], job 103: direct materials 2800, direct labor: 2900, factory overhead:(g), total cost: [h], job 104: direct materials 1700, direct labor: 4800, factory overhead: [], total cost: []. Required: 1. Calculate total manufacturing costs for all jobs [k], 2 Calculate total cost for finished jobs [L], 3. calculate total cost of jobs sold [m), 4. calculate total cost of work in progress [n]. Please show all steps. Thanks.
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.
![matt inc a toy manufacturing company uses job order cost cost system. factory overhead is applied at 70%
of direct labor cost. during the month jobs 100, 101, and 103 were finished. jobs sold during the month
were 101 and 103. complete the table and answer the questions below. Job 100: direct materials 3500,
direct labor: 5500, factory overhead [a], Total cost [b], Job 101: direct materials 1800, direct labor: 1750,
factory overhead: [[C]), Total cost: [d], job 102 direct materials 1200, direct labor: 3900, factory overhead: [e],
total cost [f], job 103: direct materials 2800, direct labor: 2900, factory overhead:[g), total cost: [h], job 104:
direct materials 1700, direct labor: 4800, factory overhead: [], total cost: []. Required:1. Calculate total
manufacturing costs for all jobs [k], 2 Calculate total cost for finished jobs [L], 3. calculate total cost of jobs
sold [m], 4. calculate total cost of work in progress [n]. Please show all steps. Thanks.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8145a999-652a-4271-a0b8-c0035e233696%2F66128d02-140f-45b1-9a31-7d836e2e67be%2Ff1o8t1_processed.jpeg&w=3840&q=75)
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