Work in process inventories: Estimated inventory, September 1$3,510 Desired inventory, September 30 1,960 Budgeted factory overhead costs for September: Indirect factory wages $79,200 Depreciation of plant and equipment 11,660 Power and light 6,030 Indirect materials 3,280 Total 100,170 Use the preceding information to prepare a cost of goods sold budget for September. For those be in which you must enter subtracted or negative numbers use a minus sign.
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 controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for
September. The controller assembled the following information for constructing the cost of goods sold
budget:
Direct materials enamel
paint
porcelain
total
Total direct
materials
purchases
budgeted for
September
$33,570
$7,050
$130,920
$171,540
Estimated
inventory,
September 1
2,730
6,550
10,920
20,200
Desired
inventory,
September 30
2,500
2.280
6,000
10,780
Decoration
Department
Direct Labor Cost
Kiln Department
Total
Total direct labor
cost budgeted for
September
$53,460
$155,030
$208,490
Finished goods inventories:
Dish
Bowl
Figurine
Total
Estimated inventory, September 1 $5,760
$3,280
$2,710
$11,750
Desired inventory, September 30
3,690
4,550
4,320
12,560](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45e7c516-f7f2-4969-a3fa-c414d0538240%2Fb2ce94c5-47cb-4760-b695-b1ce9927c0ca%2Fx81wf2m_processed.png&w=3840&q=75)
![Work in process inventories:
Estimated inventory, September
1$3,510
Desired inventory, September 30
1,960
Budgeted factory overhead costs for September:
Indirect factory wages
$79,200
Depreciation of plant and equipment
11,660
Power and light
6,030
Indirect materials
3,280
Total
100,170
Use the preceding information to prepare a cost of goods sold budget for September. For those boxes
in which you must enter subtracted or negative numbers use a minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45e7c516-f7f2-4969-a3fa-c414d0538240%2Fb2ce94c5-47cb-4760-b695-b1ce9927c0ca%2Fwpnkwms_processed.png&w=3840&q=75)
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