Problem 2 On December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: contained these accounts and balances: Cash Accounts Receivable Finished Goods P 94,000 100,000 65,000 Work in Process Materials Machinery Accounts Payable Common Stock Retained Earnings 15,000 44,000 70,600 118,750 200,000 69,850 Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 Total P 25,000 40.000 P 65000 Job 102 Work in process inventory: Direct materials: Job 101 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 1,000 hours at P 4.00 400 hours at P 5.00 4,000 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 Pl1,000 P 4,000 P. 24,000 44,000 20,000 Material X- 4,000 units at P 5.00 Material Y -8,000 units at P 3.00 Total P.

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…