Task #9: Jobs TG1000, RW3000, and XY200 were delivered to customers during the month, sales terms n/15. Sale price is 30% markup over cost. Job AP5000 was finished during the month. Record jour
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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Task #9: Jobs TG1000, RW3000, and XY200 were delivered to customers during the month, sales terms n/15. Sale price is 30% markup over cost. Job AP5000 was finished during the month. Record 1.To record Job XY200 and AP5000 completed 2.To record Job TG1000 and RW3000 and XY200 sold |
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| Account: Finished Goods | |||||||
| Job TG1000 | Job RW3000 | Total | |||||
| Direct Materials | $10,000 | $30,000 | $40,000 | ||||
| Direct Labor | $15,000 | $37,750 | $52,750 | ||||
| Factory |
$4,000 | $12,000 | $16,000 | ||||
| $29,000 | $79,750 | $108,750 | |||||
| Account: Work in Process | |||||||
| Job XY200 | Job AP5000 | Total | |||||
| Direct Materials | $9,000 | $40,000 | $49,000 | ||||
| Direct Labor | $6,000 | $19,200 | $25,200 | ||||
| Factory Overhead | $5,400 | $24,000 | $29,400 | ||||
| $20,400 | $83,200 | $103,600 |
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