Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing. Balances on April 1 from the materials ledger are as follows: $20,500 6,200 45,900 Glue 2,000 The materials purchased during April are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Fabric Polyester filling Lumber Glue Materials were requisitioned to individual jobs as follows: Polyester Filling Lumber Glue Total $220,200 199,000 128,300 Job 601 Job 602 Job 603 $102,900 143,000 281,900 9,800 Factory overhead-indirect materials a. Materials ✔ Fabric $39,100 30,100 27,800 Accounts Paya ✓ $49,300 $131,800 53,600 115,300 36,400 64,100 Total $97,000 $139,300 $311,200 $5,100 $552,600 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. $5,100 5,100 Feedback Check My Work a. Increase materials inventory and a liability for the total of purchases.

Q: Define carried interest

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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.