[the following information applies to the questions displayed below.j Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $35,000; factory utilities, $19,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 Total manufacturing costs Job 306 $ 27,000 24,000 12,000 Total cost of work in process 138,000 102,000 ? MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Cost of goods manufactured Finished (sold) 3. Prepare a schedule of cost of goods manufactured. Job 307 $ 38,000 19,000 9,500 210,000 152,000 ? Finished: (unsold) Job 308 $100,000 104,000 ? In process
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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