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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. (2.0 marks) Answer: Q2. Compare Job Order Costing versus Process costing (one marks) Answer: Q3. ABC Company had the following inventories on May 1, 2019(amounts in SR) (two marks) Raw Material30,000 Finished Goods40,000 WIP – Material20,000 WIP – Labor20,000 WIP – Manufacturing overhead 15,000 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: Raw Material40,000 Finished Goods50,000 WIP – Material15,000 WIP – Labor25,000 WIP Manufacturing overhead10,000 Required: 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 Answer:
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