The Shabwan Furniture Company manufactures tables. In May, the two production departments had budgeted allocation bases of 2,000 machine-hours in Department (A) and 4,000 direct manufacturing labor-hours in Department (B). The budgeted manufacturing overheads for the month were $28,750 and $31,250, respectively. For Job (No. 23), the actual costs incurred in the two departments were as follows: Department (B) Department (A) $55,000 ✔ 1-Direct materials purchased on account 2- Direct materials used 3-Direct manufacturing labor 4- Indirect manufacturing labor 5- Indirect materials used 16,250 26,250 5,500 3,750 Required 2: (show your calculation) 1-what is the prime costs for Department (A). $88,750 6,750 26,750 4,500 6- Lease on equipment 8,625 Job (No. 23) incurred 400 machine-hours in Department (A) and 150 manufacturing labor-hours in Department (B). The company uses a budgeted overhead rate for applying overhead to production. 2-Lease on equipment 2,375 Required 1: Prepare the necessary journal entries to summarize the May transactions for Department (A) regarding: 1- Indirect manufacturing labor: 2,500 2- What is the total cost of Job (No. 23)?

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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.