19 WIP, June 1, 3,800 pounds Direct materials added during June, 32,000 pounds Conversion costs during June Work in process, June 30, 4,600 pounds, 40% completed Goods finished during June, 31,200 pounds Inventories are costed by the weighted average method and all materials are added at the beginning of the process. Determine the following, presenting your computations: (a) equivalent units of production (b) cost per equivalent unit (c) total cost of finished goods completed in the current period (transferred) total cost of work in process inventory at June 30 (ending WIP) (d) (a) The inventory at June 1 and costs charged to Work in Process during June are as follows: $ 35,516 244,000 188,000 (b) (c) (d)
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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