Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Beginning balance. Charged to the jobs during October: Direct materials. Direct labor Manufacturing overhead applied Units completed Units in process at the end of October Units sold during October Job A256 $1,010 Total value of the finished goods $ 13,521 Job Job Job A257 A258 A260 $ 560 $ 0 $ 0 $2,860 $3,980 $1,460 $3,720 $1,240 $ 920 $ 510 $ 460 $5,425 $1,870 $2,026 $ 215 0 108 317 430 0 0 140 0 65 Jobs A256 and A258 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1. Required: 1. What is the total value of the finished goods inventory at the end of October? Total value of the work in process $ 11,380 2. What is the total value of the work in process inventory at the end of October? 0 253 0
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.
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