Required: 1. Prepare Journal entries TESLA CORPORATION showed the following account balances on December 31, 2000. Cash 160,000 96,000 56,000 28,400 80,000 360,000 48,000 16,000 12,800 320,000 384,000 W Accounts Receivable Finished Goods W W Work in Process Materials Inventory Machineries & Equipment Accumulated depreciation Accounts Payable Accrued Payroll Common stock Retained Earnings W W W W On January 2001, the following transactions were completed. a. Materials purchased on account, b. Materials issued: Direct Materials W 360,000 W 296,000 W 48,000 Indirect c. Payroll for the period consists of: W 224,000 W 48,000; W 40,000; W 24,000. Direct labor Indirect labor Sales salaries Administrative salaries Deductions from payroll were as follows: Withholding taxes SSS Premiums Philhealth Premiums W 29,632 W 13,440 W 1,800 W 10,080 Pag- Ibig Premiums
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.
cost accounting
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