ECONOMICS

Detailed explanation-1: -A cost sheet document can be prepared either by using historical cost or by referring to estimated costs. A historical cost sheet is prepared based on the actual cost incurred for a product. An estimated cost sheet, on the other hand, is prepared based on estimated cost just before the production begins.

Detailed explanation-2: -A job cost sheet is a document detailing all the costs incurred for the completion of a project. These costs can be documented during the project or after the job is complete. Usually, the accounting department compiles this record to: verify that expenses fell within the allocated budget. cost estimate for future jobs.

Detailed explanation-3: -In a job-costing system, the cost object is an individual unit, batch, or lot of a distinct product or service called a job. In process costing, the cost object is masses of identical or similar units of a product or service. Process costing allocates costs among all the products manufactured during a period.

Detailed explanation-4: -Inventory turnover ratio = Cost of goods sold * 2 / (Beginning inventory + Final inventory)