onda Corporation uses a job order cost system. On April 1, the accounts had balances as shown in the T-accou following transactions occurred during April: urchased materials on account at a cost of $232,770. equisitioned materials at a cost of $110,500, of which $15,900 was for general factory use. ecorded unpaid factory labor of $225,600, of which $42,375 was indirect. curred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 34,900 23,100 50,050 11,600 20,900 pplied overhead at a rate equal to 139 percent of direct labor cost. completed jobs costing $263,350. Old jobs costing $323,870. $500.000
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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