00 olo Classifying Costs The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this rep TAL... Marching Ants Inc. EET Manufacturing Costs For the Quarter Ended June 30 ET.AL... Materials used in production (including $43,400 of indirect materials) $468,300 Direct labor (including $65,000 maintenance salaries) 009 Factory overhead: Supervisor salaries 006'868 Heat, light, and power 108,400 Sales salaries 268,800 Promotional expenses 242,800 Insurance and property taxes-plant 117,100 Insurance and property taxes-corporate offices 169,100 Depreciation-plant and equipment 95,400 Depreciation-corporate offices 69,400 Total $2,371,800 Marching Ants Inc. Manufacturing Costs She e here to search a 12:21 A 45°F 直0 (中罗 11/3/20 回v Sur prt sc 114 144 %24 %24 %24 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Cost of direct materials used in production Direct labor Factory overhead: Maintenance salaries Indirect materials Supervisor salaries Heat, light, and power Insurance and property taxes-plant Depreciation-plant and equipment Total manufacturing costs incurred Feedback Check My Work All work saved. re to search a ■ # 五 2.

Q: Classifying Costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and…

A: Total Manufacturing costs - it is the total expenses of all resources used in the process of making…

Q: Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Q: d) A company uses an overhead absorption rate of $3.50 per machine hour, based on 32,000 budgeted…

A: Given that, Budgeted machine hours = 32,000 hours  Overhead absorption rate = $3.50 per hour  Actual…

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A: The purpose of the income statement is to show the financial performance of the company over a…

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A:

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A: Answer - Formulae -  Manufacturing overhead rate= Total estimated manufacturing overhead / Total…

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A: Variance refers to the difference between actual results and the budget or standard.

Q: 12. The following data are available for Peter Senen Company during the month of July 2020: P 95,000…

A: FACTORY OVERHEADS -  Generally, Factory overheads cost is also called manufacturing overhead, which…

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A: The overhead is applied to the production on the basis of predetermined overhead rate.

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Q: 29. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30…

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Q: The following data from the just completed year are taken from the accounting records of Kenton…

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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.