plank WID Actual overhead Estimated Overhead Estimated activity: 9-volt battery AAA battery Actual activity: 9-volt battery AAA battery Units produced: 9-volt battery Raw materials inventory Work in process inventory Finished goods inventory Cost of goods sold 100,000 direct labor hours 400,000 direct labor hours AAA battery If Oklahoma State uses the pro-ration approach to dispose of over-/under-allocated overhead and the accounts below had the following balances, how will cost of goods sold be adjusted? $325,000 125,000 direct labor hours $350,000 400,000 direct labor hours $200,000 $100,000 $200,000 $500,000 500,000 250,000
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.
Subject :- Account
Step by step
Solved in 5 steps
