The following dists from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $8,500 Mork in process Finished goods Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overappled overhead is closed to Cost of Goods Gold 3. Prepare an Income statement Complete this question by entering your answers in the tabs below. Prepare an income statement Mason Company Incomment 664,000 Cost of goods sold Gross margin 654,000 Selling and administrative expenses Selling expenses 103,000 Administrative expense 45.000 152.000 504.000
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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