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Please respond to the following questions based upon these course objectives: Differentiate between the available costing methods. Apply Analyze various overhead allocation methods. Prepare...

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Please respond to the following questions based upon these course objectives:

  • Differentiate between the available costing methods.
  • Apply Analyze various overhead allocation methods.
  • Prepare appropriate journal entries for work in process, shrinkage, spoilage, and related inventory adjustments.
  • Calculate price and quantity variances for material, labor, overhead, and price using spreadsheet software.
  • Demonstrate Describe managerial and internal uses of cost accounting data.

Please answer the following questions with supporting examples and full explanations.

  1. For each of the learning objectives, provide an analysis of how the course supported each objective.
  2. Explain how the material learned in this course, based upon the objectives, will be applicable to the professional application.

Provide evidence (citations and references) to support your statements and opinions. Responses to these questions are due byTuesdayat 11:59 AM.

All references and citations should in APA format.

There is no peer response required for this discussion, but feel free to discuss these topics with classmates.

Answered Same Day Feb 24, 2021

Solution

Khushboo answered on Feb 24 2021
143 Votes
There are various methods of costing such as job costing, batch costing and process costing and each method differ from each other. The job costing method of costing is adopted for determine the cost of each job and cost of job is determined on the basis of the number of order executed. On the other hand when the jobs are a
anged in different batches then the batch costing method is prefe
ed (Alicia Tuovila 2020). Further when the product needs to pass through different process and each process is different and thus process costing method is adopted by the entity.
The different overhead allocation method includes traditional method and activity method costing technique. In traditional method the overhead cost are allocated on the basis of the labor hour or machine hour and in activity based method the overhead cost are allocated on the basis...
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