The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $12,920 Direct materials 105,040 Direct labor 113,310 Factory overhead 59,560 Jobs finished during January arę summarized as follows: Job 210 $52,350 Job 224 $61,070 Job 216 31,990 Job 230 116,330 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31.
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.
Journal entries are the entries to be recorded in the general journal of the company's books for all the financial transactions occurred during the particular period.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
