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Product and period costs; CGM; CGSOn August 1, 2013, Sietens Corporation had the following account balances:Raw Material Inventory (both direct and indirect) :- $ 72,000WIP Inventory:- 108,000Finished goods Inventory ;- 24,000During August, the following transactions took place.1. Raw material was purchased on account, $570,000.2. Direct material ($121,200) and indirect material ($15,000) were issued to production.3. Factory payroll consisted of $180,000 for direct labor employees and $42,000 for indirect labor employees.4. Office salaries totaled $144,600 for the month.5. Utilities of $40,200 were accrued; 70 percent of the utilities cost is for the factory.6. Depreciation of $60,000 was recorded on plant assets; 80 percent of the depreciation is related to factory machinery and equipment.7. Rent of $66,000 was paid on the building. The factory occupies 60 percent of the building.8. At the end of August, the Work in Process Inventory balance was $49,800.9. At the end of August, the balance in Finished Goods Inventory was $53,400.Sietens Corporation uses an actual cost system and debits actual overhead costs incurred to Work in Process Inventory.a. Determine the total amount of product cost (cost of goods manufactured) and period cost incurred during August 2013.Total amount of product cost :- $ 1,420,000Total amount of period cost :- $ 56,000b. Compute the cost of goods sold for August 2013.
Process Costing It is a costing method, which is applied wherever there are standard operations along with continuous production of homogeneous as identical units. Consequentl
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cost accounting is said to three different phases ?? name them.
in process beg and ending
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Following figures are taken from annual budget of ABC manufacturers for the year 2013: Fixed factory overhead Rs. 4,000,000 Factory overhead absorption rate Rs. 70 per direct labor
Problem: A satellite is launched into Earth orbit by a Delta II launch vehicle (LV). The Delta LV's engines do not perform as expected, and at upper-stage burnout the satellite
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