There are 1,500 unitsof product in finished goodsstock on 31st December 2023. Finishedgoods stock is to be properlyvalued at the beginning and at the end of 2023 (assuming the same cost used for both). prepare cost sheet
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.
![Bansal Industries at Ludhiana, Punjab manufactures Product X. On 1st January 2023, there
were 500 unitsof finished productin stock. Otherstocks on 1st January 2023 were as under:
Work in progress Rs. 5740
Raw materials
Rs. 11,620
The information available from cost records for the year ended 31st December 2023 was as
follows:
Particulars
Indirect labour
Rs.
Direct labour
12,160
32,640
Freight on Raw Materials purchased
5,570
Stock of Raw materials on 31-12-2023 9,640
Other FactoryExpenses
31,730
Work in progress on 31-12-2023
7,820
Sales 15,000 units
Indirect Materials
Total Manufacturing costs incurred
3,60,000
21,390
1,94,080](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedf30967-363b-4b97-9bc8-01777544b6b4%2Fddfd6f62-5c00-4ce9-a572-c2229084a42e%2Fngrw4xo_processed.png&w=3840&q=75)
![There are 1,500 unitsof product in finished goodsstock on 31st December 2023.
Finishedgoods stock is to be properlyvalued at the beginning and at the end of 2023
(assuming the same cost used for both).
prepare cost sheet](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedf30967-363b-4b97-9bc8-01777544b6b4%2Fddfd6f62-5c00-4ce9-a572-c2229084a42e%2Fnlpy9wk_processed.png&w=3840&q=75)
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