"Whitley Construction Company is in the home remodeling business. Whitley has th whom has multiple skills involving carpentry, painting, and other home remodeling employee who coordinates the work done on each job. As the needs of different other teams for short periods of time. Whitley uses a job costing system to determ pricing the jobs. Direct materials and direct labor are easily traced to each job usim consists of the purchase and maintenance of construction equipment, some supe and administrative costs. Whitley uses an annual overhead rate based on direct la "Whitley has recently completed work for three clients: Harrison, Barnes, and Tyler summarized below: Job Harrison Barnes Direct Materials $ 6,753 13,229 Direct Labor Hours 45 88 Direct Labor Cost $15,367 22,104
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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