Recording Jobs Completed The following account appears in the ledger after only part of the postings have been completed for October: Work in Process Balance, October 1 $11,250 Direct materials 76,500 Direct labor 91,130 Factory overhead 50,630 Jobs finished during October are summarized as follows: Job 1004 $41,310 Job 1030 25,250 Job 1037 48,200 Job 1041 80,330 a. Determine the cost of jobs completed. $fill in the blank 1 b. Determine the cost of the unfinished jobs at October 31. $fill in the blank 2
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.
Recording Jobs Completed
The following account appears in the ledger after only part of the postings have been completed for October:
| Work in Process | ||
| Balance, October 1 | $11,250 | |
| Direct materials | 76,500 | |
| Direct labor | 91,130 | |
| Factory |
50,630 |
Jobs finished during October are summarized as follows:
| Job 1004 | $41,310 |
| Job 1030 | 25,250 |
| Job 1037 | 48,200 |
| Job 1041 | 80,330 |
a. Determine the cost of jobs completed.
$fill in the blank 1
b. Determine the cost of the unfinished jobs at October 31.
$fill in the blank 2
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