Raw Materials, Beginning Inventory Raw Materials, Ending Inventory Cost or Raw Materials Used Direct Labor WIP, Beg WIP, Ending Cost of Goods Manufactured CGAS CGS Php 600.00 200.00 G. Determine the Manufacturing Cost H. Determine the Finished Goods, Endingd 1,100.00 700.00 400.00 200.00 2,300.00 3,200.00 2,000.00 A. Determine the Manufacturing Overhead B. Based on the given information, determine the Purchases C. EFS Systems undertakes its own machine maintenance. The depreciation on the equipment is P20,000 per year and operating cost is P2 per machine hour. Last year 275,000 machine hours were used to produce 100,000 units. D. Determine the Prime Cost E. Determine the Finished Goods, Beginning F. Determine the Conversion Cost
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.
- Determine the Manufacturing
Overhead - Based on the given information, determine the Purchases
- EFS Systems undertakes its own machine maintenance. The
depreciation on the equipment is P20,000 per year and operating cost is P2 per machine hour. Last year 275,000 machine hours were used to produce 100,000 units. - Determine the Prime Cost
- Determine the Finished Goods, Beginning
- Determine the Conversion Cost
- Determine the
Manufacturing Cost - Determine the Finished Goods, Ending
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