On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. Materials: Standard Qty. Standard Cost Oats 525 pounds $1.25 per pound Wheat 450 pounds $1.15 per pound Barley 85 pounds $1.45 per pound Malt 65 pounds $2.15 per pound Honey 25 quarts $1.20 per quart Water 25 gallons $0.45 per gallon Time: Miller 4 1/2 hours $22.75 per hour Loader 1 1/2 hours $11.50 per hour
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 November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix.
| Materials: | Standard Qty. | |||
| Oats | 525 pounds | $1.25 per pound | ||
| Wheat | 450 pounds | $1.15 per pound | ||
| Barley | 85 pounds | $1.45 per pound | ||
| Malt | 65 pounds | $2.15 per pound | ||
| Honey | 25 quarts | $1.20 per quart | ||
| Water | 25 gallons | $0.45 per gallon | ||
| Time: | ||||
| Miller | 4 1/2 hours | $22.75 per hour | ||
| Loader | 1 1/2 hours | $11.50 per hour |
If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.
a.
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Nov. 14 Materials fill in the blank ab6eb9009046f9b_2 fill in the blank ab6eb9009046f9b_3 Work in Process fill in the blank ab6eb9009046f9b_5 fill in the blank ab6eb9009046f9b_6 b. Journalize the entry to record the direct labor incurred for Job 111407A.
Nov. 14 fill in the blank d5552bfecfdff93_2 fill in the blank d5552bfecfdff93_3 fill in the blank d5552bfecfdff93_5 fill in the blank d5552bfecfdff93_6 c. Journalize the entry to record the manufacturing overhead applied to Job 111407A.
Nov. 14 fill in the blank de9583046f95ff7_2 fill in the blank de9583046f95ff7_3 fill in the blank de9583046f95ff7_5 fill in the blank de9583046f95ff7_6 d. Journalize the entry to record the transfer of Job 111407A to Finished Goods on November 14.
Nov. 14 fill in the blank 59a6f903006ffe1_2 fill in the blank 59a6f903006ffe1_3 fill in the blank 59a6f903006ffe1_5 fill in the blank 59a6f903006ffe1_6
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