Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Repair-Hour $15.00 $ 7.60 $ 0.45 $ 1.80 per Month $ 20,800 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses $ 2,770 $ 5,730 $ 4,610 $ 3,880 Rent Administrative e xpenses $ 0.60 For example, wages and salaries should be $20,800 plus $15.00 per repair-hour. The company expect in May, but actually worked 2,500 repair-hours. The company expects its sales to be $49.00 per repair Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 < Prev 4 of 4 Next .......I......
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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