During May, Sharpton Corporation recorded the following: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance Transactions: (1) Raw materials purchases (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5) Manufacturing overhead applied $ 23,500 $ 43,000 $ 61,500 (6) Cost of units completed and transferred from Work in Process to Finished Goods (7) Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold (8) Finished goods are sold. Required: Complete the following T-accounts by recording the beginning balances and each of the transactions listed above. $ 76,000 $ 95,000 $ 85,000 $ 77,500 $ 100,000 $ 263,000 ? $ 299,000

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 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 …

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 compari…