The following data were taken from the cost records of the Beca Company for last year: Depreciation, factory equipment Depreciation, administration equipment Supplies, factory Maintenance, factory equipment Utilities, factory Sales commissions Indirect labor Rent, factory building Purchases of raw materials Direct labor cost Advertising expense Sales Administrative salaries Inventories: Raw materials Work in process Finished goods $35,000 A/ 7,000 1,500 20,000 8,000 30,000 55,000 70,000 124,000 80,000 90,000 700,000 85,000 Beginning Ending $8,000 $12,000 6,000 21,000 69,000 24,000 Compute the followings: Example of Answer: 4000 No comma, space, decimal point, or $ sign. Raw materials used in production during the year -
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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