Sage Hill Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary $16,900 13,870 4,540 54,120 88,640 152,080 9,400 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $76,280 50,620 2,750 1,490 2,200 16,500 2,860
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.
![Sage Hill Company reports the following costs and expenses in May.
Factory utilities
Depreciation on factory equipment
Depreciation on delivery trucks
Indirect factory labor
Indirect materials
Direct materials used
Factory manager's salary
From the information:
$16,900
13,870
4,540
54,120
88,640
152,080
9,400
Direct labor
Sales salaries
Property taxes on factory building
Repairs to office equipment
Factory repairs
Advertising
Office supplies used
$76,280
50,620
2,750
1,490
2,200
16,500
2,860](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaa03fab-f285-443e-95a5-3f4098efa8b2%2F6926bd09-edc7-4e1b-9fc6-abfcb1dcccd0%2F7x71d3u_processed.jpeg&w=3840&q=75)
![(a)
Determine the total amount of manufacturing overhead.
(b)
Manufacturing overhead $
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Determine the total amount of product costs.
(c).
Product costs $
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Determine the total amount of period costs.
Period costs
$
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