Work in process – Striping Work in process - Adhesion Beg. Trans. In ? DM DL FO Beg. DM DL 20,000 90,000 80,000 C& T ? 70,000 C & T 480,000 22,600 ? ? FO Ending 17,000 Ending 20,600 Work in process - Packaging 150,000 Beg. Trans. In Finished Goods 185,000 CofGS 770,000 880,000 Ending CofGM ? Beg. CofGM ? DM DL FO 90.000 Ending 40.000 34. The cost of goods transferred out from the Striping is a. P 173.000 b. P 227,000 © P 237,000 d. P 273,000 35. The direct labor cost incurred in the Adhesion Dept. is a. P 76,000 05 000
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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