Supply the missing data in the four cases below. Each case is independent of the others. Case 3 4 Schedule of Cost of Goods Manufactured Direct materials. $7,000 $2,000 $10,000 $6,000 $8,000 $3,000 $21,000 $9,000 Direct labor $4,000 ? Manufacturing overhead. Total manufacturing costs. Beginning work in process inventory. Ending work in process inventory. Cost of goods manufactured $7,000 ? $25,000 $18,000 ? $2,000 ? ? $1,000 $3,500 $4,000 $2,000 $18,000 2$ ? $16,000 $31,500 Income Statement Sales. . $25,000 $6,000 $40,000 $30,000 $50,000 $9,000 Beginning finished goods inventory Cost of goods manufactured Goods available for sale. $7,000 ? $16,000 ? $18,000 $31,500 Ending finished goods inventory. Cost of goods sold. Gross margin. Selling and administrating expenses. Net operating income. $9,000 $4,000 $26,500 ? $7,000 ? $18,000 ? $6,000 ? ? $10,000 %24 $5,500 $3,000 $ ?
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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