Question 16 Ending raw materials inventory Ending work in process inventory Ending finished goods inventory Amount of underallocated manufacturing overhead Cost of goods sold for year Cost of raw materials purchased during year Cost of direct materials requisitioned during year Cost of indirect materials requisitioned during year Cost of goods completed during year Manufacturing overhead allocated Manufacturing overhead % of direct labor cost O $60,500 The following is selected financial data from Courtney Manufacturing for the most recent ye O $67,000 O $31,800 O $16,056 $21,500 $44,400 $53,300 $5600 $85,100 What is the beginning work in process inventory? (The company uses normal costing) $45,500 $44,800 $8100 $120,900 $60,000 135%
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.
Subject : Accounting
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