Chang Company provided the following data for this year. Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory. Depreciation, factory. Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Rav materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the underapplied or overapplied overhead cost. 2. Prepare a schedule of cost of goods manufactured. $ 15,400 134,000 8,400 74,000 191,200 10,400 $ 433,400 Answer is not complete. Complete this question by entering your answers in the tabs below. $ 404,000 $ 64,000 The company uses a predetermined overhead rate of $22 per machine-hour to apply overhead cost to jobs. A total of 20,100 machine- hours were used during the year. $ 20,400 $ 30,400 $ 40,400 $ 70,400
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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