The following account appears in the ledger after only part of the postings have been completed for October: Work in Process $16,070 109,280 130,170 72,320 Balance, October 1 Direct materials Direct labor Factory overhead Jobs finished during October are summarized as follows: $59,010 36,060 68,850 Job 1004 Job 1030 Job 1037 Job 1041 114,740 a. Determine the cost of jobs completed. 278,660 ✔ b. Determine the cost of the unfinished jobs at October 31. $33,110 X
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.
I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and
The total job cost means the cost that is incurred in the completing a certain job. It includes all types of cost such asfactory overhead, direct labour cost as well as direct material cost. All the companies calculates two types of the job cost. The first one is of finished job cost, this is calculated for the job that is finished on the other hand the second job is unfinished job cost. the unfinished job cost is calculated for the job that is not completed and whose work is in progress.
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