Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Ramort Company reports the following for its single product. Ramort produced and sold 22,400 units this year. $22 per unit $24 per unit $ 15 per unit $ 44,800 per year $2 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price $ 67,600 per year $ 96 per unit
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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![Required information
Use the following information for the Quick Study below. (Algo)
[The following information applies to the questions displayed below.]
Ramort Company reports the following for its single product. Ramort produced and sold 22,400 units this year.
$ 22 per unit
$ 24 per unit
$ 15 per unit
$ 44,800 per year
$ 2 per unit
Direct materials
Direct labor
Variable overhead
Fixed overhead
Variable selling and administrative expenses
Fixed selling and administrative expenses
Sales price
QS 19-9 (Algo) Computing gross profit under absorption costing LO P2
Compute gross profit under absorption costing.
$ 67,600 per year
$ 96 per unit
RAMORT COMPANY
Gross Profit (Absorption Costing)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2a3283ee-eac1-4fbb-a1a3-73accb028b0d%2F2be9e2ad-6554-4529-8a9c-71e8fa00fa84%2Fy33wdh7_processed.jpeg&w=3840&q=75)
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