The job order cost sheets used by Animo Company revealed the following: Job No. Balance, Apr 1 124 P37,000 125 32,000 126 0 127 0 128 0 129 0 Jobs No. 124, 125, and 126 were shipped to customers in April. Jobs No. 127, 128, and 129 were completed in May. WORK-IN-PROCESS for the month of April amount to P Apr Production Costs 0 30,000 25,000 29,000 25,000 20,000
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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Octillery Manufacturing Inc uses a
** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED.
CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces.
Onix Manufacturing Company Inc uses direct labor hours in its predetermined
** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED.
CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces.