The following accounts contain information about January's production for Brotto Bold Industries. Raw Materials Direct Materials Debit Debit 24,785 68,541 17,630 Work In Process Debit Credit 29,856 68,542 44,150 41,174 25,870 Credit Sales Revenue 75,696 157,852 Credit 256,963 256,963 Required: L Prepare a Schedule of Cost of Goods Manufactured. Debit 68,542 Finished Goods Debit 32,585 157,852 15,852 Credit 25,875 11,462 41,337 68,542 Credit 174,585 Selling and Admin Expense Debit Credit Direct Labor Debit Cost of Goods Sold Debit 174,585 174,585 Credit 7,154 34,578 558 39,9 4,1 44,1 Credit Manufacturing Overhead Debit Credit 41,11
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.
Please do not give solution in image format thanku
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
