Determine the missing pieces of information below. Planes Taxis Limos Service revenue $enter a dollar amount $501,500 $enter a dollar amount Variable costs 5,493,000 enter a dollar amount 304,800 Contribution margin enter a dollar amount 252,100 442,552 Controllable fixed costs 1,498,500 enter a dollar amount enter a dollar amount Controllable margin enter a dollar amount 85,000 200,252 Average operating assets 25,032,400 enter a dollar amount 1,540,400 Return on investment 13 % 10 % enter percentages %
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.
Determine the missing pieces of information below.
|
Planes |
Taxis |
Limos |
|||||||
|---|---|---|---|---|---|---|---|---|---|
|
Service revenue |
$enter a dollar amount |
$501,500 |
$enter a dollar amount |
||||||
|
Variable costs |
5,493,000 |
enter a dollar amount |
304,800 |
||||||
|
Contribution margin |
enter a dollar amount |
252,100 |
442,552 |
||||||
|
Controllable fixed costs |
1,498,500 |
enter a dollar amount |
enter a dollar amount |
||||||
|
Controllable margin |
enter a dollar amount |
85,000 |
200,252 |
||||||
|
Average operating assets |
25,032,400 |
enter a dollar amount |
1,540,400 |
||||||
|
Return on investment |
13 |
% |
10 |
% |
enter percentages |
% |
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