PAS. LO 2.2 Wachowski Company reported these cost data for the year 2017. Factory maintenance costs Direct labor, wages Direct labor, health insurance Indirect labor, health insurance Health insurance for production supervisor Administrative costs Rental of office space for administrative staff Sales commissions Direct material Indirect materials Advertising expense Depreciation on factory building Total product costs Total period costs Indirect labor, wages Production supervisor's salary Use the data to complete the following table. Total prime costs Total manufacturing overhead costs Total conversion costs $ 90,000 352,000 32,000 15,000 6,500 55,000 17,500 52,500 1,230,000 632,000 39,000 62,000 70,000 32,000
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.
![PAS. LO 2.2 Wachowski Company reported these cost data for the year 2017.
Factory maintenance costs
Direct labor, wages
Direct labor, health insurance
Indirect labor, health insurance
Health insurance for production supervisor
Administrative costs
Rental of office space for administrative staff
Sales commissions
Direct material
Indirect materials
Total conversion costs
Advertising expense
Depreciation on factory building
Use the data to complete the following table.
Total product costs
Total period costs
Indirect labor, wages
Production supervisor's salary
Total prime costs i
Total manufacturing overhead costs
$ 90,000
352,000
32,000
15,000
6,500
55,000
17,500
52,500
1,230,000
632,000
39,000
62,000
70,000
32,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4b353e4-6b58-4a4e-9bba-1d16c41c2da2%2F28fb9797-d34e-463b-a2db-de40e82fe7fe%2Ftgqrl7f_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)