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Q1.In managerial accounting, costs can be classified by behavior, traceability decision-making, external reporting , prime costs vs conversion costs and Function Wise Classification. Discuss all the above cost classifications and explain the importance of each classification.
Q2. Compare Job Order Costing versus Process costing
Q3. ABC Company had the following inventories on May 1, 2019(amounts in SR)
WIP – Material20,000
WIP – Labor20,000
WIP – Manufacturing overhead15,000
During the month, the cost of material purchased was 130,000 direct labor cost incurred was 140,000 and factory overhead applicable to production was 70,000, on May 31, inventories were:
WIP – Material15,000
WIP – Labor25,000
WIP Manufacturing overhead10,000
Prepare Journal entries on May 31, to show the flow of cost through the proper summary T accounts. Assume that sales values were 500,000 on credit