A summary of material requisition slips and time tickets, along with the overhead allocation, show the following costs: Job No. Material Requisition Slips Factory Labor Time Tickets Overhead Applied 131 $505 $200 $80 132 235 260 104 133 380 160 64 134 325 320 128 Not job specific 60 160 0 $1,505 $1,100 $376 A. Prepare an entry to record the assignment of direct material to work in process. If an amount box does not require an entry, leave it blank. fill in the blank d3b310090003fc9_2 fill in the blank d3b310090003fc9_3 fill in the blank d3b310090003fc9_5 fill in the blank d3b310090003fc9_6 B. Prepare an entry to record the assignment of direct labor to work in process. If an amount box does not require an entry, leave it blank. fill in the blank 26a436ff9fa5f86_2 fill in the blank 26a436ff9fa5f86_3 fill in the blank 26a436ff9fa5f86_5 fill in the blank 26a436ff9fa5f86_6 C. Prepare an entry to record the assignment of manufacturing overhead to work in process. If an amount box does not require an entry, leave it blank. fill in the blank c78558f73ff9fa0_2 fill in the blank c78558f73ff9fa0_3 fill in the blank c78558f73ff9fa0_5 fill in the blank c78558f73ff9fa0_6
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.
A summary of material requisition slips and time tickets, along with the overhead allocation, show the following costs:
| Job No. | Material Requisition Slips |
Factory Labor Time Tickets |
Overhead Applied |
|||
| 131 | $505 | $200 | $80 | |||
| 132 | 235 | 260 | 104 | |||
| 133 | 380 | 160 | 64 | |||
| 134 | 325 | 320 | 128 | |||
| Not job specific | 60 | 160 | 0 | |||
| $1,505 | $1,100 | $376 |
A. Prepare an entry to record the assignment of direct material to work in process. If an amount box does not require an entry, leave it blank.
| fill in the blank d3b310090003fc9_2 | fill in the blank d3b310090003fc9_3 | ||
| fill in the blank d3b310090003fc9_5 | fill in the blank d3b310090003fc9_6 |
B. Prepare an entry to record the assignment of direct labor to work in process. If an amount box does not require an entry, leave it blank.
| fill in the blank 26a436ff9fa5f86_2 | fill in the blank 26a436ff9fa5f86_3 | ||
| fill in the blank 26a436ff9fa5f86_5 | fill in the blank 26a436ff9fa5f86_6 |
C. Prepare an entry to record the assignment of manufacturing overhead to work in process. If an amount box does not require an entry, leave it blank.
| fill in the blank c78558f73ff9fa0_2 | fill in the blank c78558f73ff9fa0_3 | ||
| fill in the blank c78558f73ff9fa0_5 | fill in the blank c78558f73ff9fa0_6 |
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