Wayne Company has developed the following standards for one of its products: Direct materials: 2 kg x 16,00 TL per kg Direct labor: 4 hours x 20,00 TL per hour The following information pertains to direct material and direct labor costs for the month of June: Direct materials purchased and used: 1.800 kg at 14 TL per kg. 3.750 direct labor hours used at total cost of 82.500 TL. Direct material cost total variance is calculated: 6.800 TL favorable. What is the direct labor efficiency variance for June for Wayne? Lütfen birini seçin: a. 5.700 TL favorable b. 7.500 TL unfavorable c. 5.000 TL unfavorable d. 5.000 TL favorable
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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