Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank ebb198fb5044008_2 fill in the blank ebb198fb5044008_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank bc86e1f3a046016_2 fill in the blank bc86e1f3a046016_3 fill in the blank bc86e1f3a046016_5 fill in the blank bc86e1f3a046016_6 fill in the blank bc86e1f3a046016_8 fill in the blank bc86e1f3a046016_9 fill in the blank bc86e1f3a046016_11 fill in the blank bc86e1f3a046016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank e1ca5ffd1ff8fbf_2 fill in the blank e1ca5ffd1ff8fbf_3 fill in the blank e1ca5ffd1ff8fbf_5 fill in the blank e1ca5ffd1ff8fbf_6 fill in the blank e1ca5ffd1ff8fbf_8 fill in the blank e1ca5ffd1ff8fbf
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.
Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare
If an amount box does not require an entry, leave it blank.
a. Materials purchased on account, $180,000.
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b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials.
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c. Direct labor used by Machining, $23,000; Assembly, $47,000.
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d. Depreciation expenses: Machining, $4,500; Assembly, $7,800.
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e. Factory
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f. Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods.
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g. Sold goods on account, $100,000; cost of goods sold, $68,000.
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