The journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition Number Description Amount 372 Job Number 179 $ 5,650 373 Job Number 184 $ 4,100 374 Job Number 180 $ 4,925 375 General factory use $ 765 376 Job Number 182 $ 2,870 A debit and credit to which accounts?
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.
The
| Requisition Number | Description | Amount |
|---|---|---|
| 372 | Job Number 179 | $ 5,650 |
| 373 | Job Number 184 | $ 4,100 |
| 374 | Job Number 180 | $ 4,925 |
| 375 | General factory use | $ 765 |
| 376 | Job Number 182 | $ 2,870 |
A debit and credit to which accounts?
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