Vaughn Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 $7,250 3,950 To assign materials to jobs To assign labor to jobs Job 202 Record the assignment of costs to Work in Process from the data on the job cost sheets. Overhead is applied at 125% of direct labor cost. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round amswers to 0 decimal places, e.g. 15,245.) To manufacturing overhead $8,900 8,250 Raw Materials Inventory $ 16,150 $ Manufacturing Costs Factory Labor 12,200 i Manufacturing Overhead $ 15,250
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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