Required information Use the following information to answer questions. (Algo) The following information applies to the questions displayed below] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost Inventaries Raw materials Mork in process Hind goods Beginning of End of Farid period $ 35,000 $ 27,900 18,100 9,200 $3,000 Cost incurred for the period Raterials purchases Factory payroll Factory overhead (actual) Indirect sterials used Indirect ser used $ 197,000 150,000 14,000 34,500
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.
![Required information
Use the following information to answer questions. (Algo)
[The following information applies to the questions displayed below]
The following information is available for ADT Company, which produces special-order security products and uses a job
order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.
Inventaries
Raw materials
Mork in process
Finished goods
Beginning of
period
$ 35,000
9,200
53,000
Cost incurred for the period
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used
Other overhead costs
End of Period
$ 37,900
18,100
33,200
$ 197,000
150,000
14,000
34,500
91,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1cea8e8-0bc7-480d-90a7-aeda8243d222%2Fc3b4dde1-e4ef-46f0-8b12-b3903b0122ed%2F05rfzs_processed.png&w=3840&q=75)
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