Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank 402a09f7bfd8fe4_2 fill in the blank 402a09f7bfd8fe4_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank 155ee4fc1fa7016_2 fill in the blank 155ee4fc1fa7016_3 fill in the blank 155ee4fc1fa7016_5 fill in the blank 155ee4fc1fa7016_6 fill in the blank 155ee4fc1fa7016_8 fill in the blank 155ee4fc1fa7016_9 fill in the blank 155ee4fc1fa7016_11 fill in the blank 155ee4fc1fa7016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank b536c9051fba057_2 fill in the blank b536c9051fba057_3 fill in the blank b536c9051fba057_5 fill in the blank b536c9051fba057_6 fill in the blank b536c9051fba057_8 fill in the blank b536c9051fba057_9 d. Depreciation expenses: Machining, $4,500; Assembly, $7,800. fill in the blank 39997ffd2ff2fa9_2 fill in the blank 39997ffd2ff2fa9_3 fill in the blank 39997ffd2ff2fa9_5 fill in the blank 39997ffd2ff2fa9_6 fill in the blank 39997ffd2ff2fa9_8 fill in the blank 39997ffd2ff2fa9_9 e. Factory overhead applied: Machining, $9,700; Assembly, $11,300. fill in the blank 5282540a8fb4069_2 fill in the blank 5282540a8fb4069_3 fill in the blank 5282540a8fb4069_5 fill in the blank 5282540a8fb4069_6 fill in the blank 5282540a8fb4069_8 fill in the blank 5282540a8fb4069_9 fill in the blank 5282540a8fb4069_11 fill in the blank 5282540a8fb4069_12 f. Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods. fill in the blank 11c5870af01307a_2 fill in the blank 11c5870af01307a_4 fill in the blank 11c5870af01307a_6 fill in the blank 11c5870af01307a_8 g. Sold goods on account, $100,000; cost of goods sold, $68,000. fill in the blank 9d208df9afedfdf_2 fill in the blank 9d208df9afedfdf_4
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.
Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare
If an amount box does not require an entry, leave it blank.
a. Materials purchased on account, $180,000.
| fill in the blank 402a09f7bfd8fe4_2 | |||
| fill in the blank 402a09f7bfd8fe4_4 |
b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials.
| fill in the blank 155ee4fc1fa7016_2 | fill in the blank 155ee4fc1fa7016_3 | ||
| fill in the blank 155ee4fc1fa7016_5 | fill in the blank 155ee4fc1fa7016_6 | ||
| fill in the blank 155ee4fc1fa7016_8 | fill in the blank 155ee4fc1fa7016_9 | ||
| fill in the blank 155ee4fc1fa7016_11 | fill in the blank 155ee4fc1fa7016_12 |
c. Direct labor used by Machining, $23,000; Assembly, $47,000.
| fill in the blank b536c9051fba057_2 | fill in the blank b536c9051fba057_3 | ||
| fill in the blank b536c9051fba057_5 | fill in the blank b536c9051fba057_6 | ||
| fill in the blank b536c9051fba057_8 | fill in the blank b536c9051fba057_9 |
d. Depreciation expenses: Machining, $4,500; Assembly, $7,800.
| fill in the blank 39997ffd2ff2fa9_2 | fill in the blank 39997ffd2ff2fa9_3 | ||
| fill in the blank 39997ffd2ff2fa9_5 | fill in the blank 39997ffd2ff2fa9_6 | ||
| fill in the blank 39997ffd2ff2fa9_8 | fill in the blank 39997ffd2ff2fa9_9 |
e. Factory overhead applied: Machining, $9,700; Assembly, $11,300.
| fill in the blank 5282540a8fb4069_2 | fill in the blank 5282540a8fb4069_3 | ||
| fill in the blank 5282540a8fb4069_5 | fill in the blank 5282540a8fb4069_6 | ||
| fill in the blank 5282540a8fb4069_8 | fill in the blank 5282540a8fb4069_9 | ||
| fill in the blank 5282540a8fb4069_11 | fill in the blank 5282540a8fb4069_12 |
f. Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods.
| fill in the blank 11c5870af01307a_2 | |||
| fill in the blank 11c5870af01307a_4 | |||
| fill in the blank 11c5870af01307a_6 | |||
| fill in the blank 11c5870af01307a_8 |
g. Sold goods on account, $100,000; cost of goods sold, $68,000.
| fill in the blank 9d208df9afedfdf_2 | |||
| fill in the blank 9d208df9afedfdf_4 | |||
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