#2 i Oped rint Saved Great Pasta Company manufactures a single product that goes through two processes - mixing and cooking. The following data pertains to the Mixing Department for September. Work-in-process Inventory September 1 Conversion complete Work-in-process inventory September 30 Conversion complete Units started into production in September Units completed and transferred out Costs Work-in-process inventory September 1 Material P Material Q Conversion Costs added in September Material P Material Q Conversion 33,000 units 70% 22,000 units 50% 100,000 ? units $ 167,000 153,000 167,000 $ 251,000 230,000 494,200 Material P is added at the beginning of work in the Mixing Department. Material Q is also added in the Mixing Department, but not until units of product are forty percent completed with regard to conversion. Conv during the process. Cost per equivalent unit for conversion under the weighted-average method is calculated to be: Multiple Choice O O $3.14. O O $2.41 O $4.81. $5.42 $2.88.
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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