On May 7, Jernigan Company purchased on account 700 units of raw materials at $21 per unit. During May, raw materials were requisitioned for production as follows: 280 units for Job 200 at $18 per unit and 315 units for Job 305 at $21 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. Accounts Payable Factory Overhead Finished Goods Materials Wages Payable Work in Proces May 7 fill in the blank e5a440080fed06b_2 fill in the blank e5a440080fed06b_3 fill in the blank e5a440080fed06b_5 fill in the blank e5a440080fed06b_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. Accounts Payable Factory Overhead Finished Goods Materials Wages Payable Work in Process May 31 fill in the blank 79fb7dfb8fe0040_2 fill in the blank 79fb7dfb8fe0040_3 fill in the blank 79fb7dfb8fe0040_5 fill in the blank 79fb7dfb8fe0040_6
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.
On May 7, Jernigan Company purchased on account 700 units of raw materials at $21 per unit. During May, raw materials were requisitioned for production as follows: 280 units for Job 200 at $18 per unit and 315 units for Job 305 at $21 per unit.
- Accounts Payable
- Factory
Overhead - Finished Goods
- Materials
- Wages Payable
- Work in Proces
| May 7 | fill in the blank e5a440080fed06b_2 | fill in the blank e5a440080fed06b_3 | |
| fill in the blank e5a440080fed06b_5 | fill in the blank e5a440080fed06b_6 |
Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank.
- Accounts Payable
- Factory Overhead
- Finished Goods
- Materials
- Wages Payable
- Work in Process
| May 31 | fill in the blank 79fb7dfb8fe0040_2 | fill in the blank 79fb7dfb8fe0040_3 | |
| fill in the blank 79fb7dfb8fe0040_5 | fill in the blank 79fb7dfb8fe0040_6 |
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