31 Bal. ? units, 4/5 completed 14,478 a. Determine the number of units in work in process inventory at March 31. units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank. Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For March Direct Materials Conversion Equivalent Equivalent Units Whole Units Units Inventory in process, March 1 Started and completed in March Transferred to finished goods in March Inventory in process, March 31 Total Pre
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.
![Equivalent Units of Production
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.
ACCOUNT Work in Process-Baking Department
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
March
1 Bal., 7,500 units, 4/5 completed
28,500
31 Direct materials, 135,000 units
256,500
285,000
31 Direct labor
69,300
354,300
31 Factory overhead
38,988
393,288
31 Goods finished, 136,800 units
378,810
14,478
31 Bal. ? units, 4/5 completed
14,478
a. Determine the number of units in work in process inventory at March 31.
units
b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank.
Baking Department
Equivalent Units of Production for Direct Materials and Conversion
Costs
For March
Direct
Materialc
Convercion
Previous
Nex
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a
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![38,988
393,288
31 Goods finished, 136,800 units
378,810
14,478
31 Bal. ? units, 4/5 completed
14,478
a. Determine the number of units in work in process inventory at March 31.
units
b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank.
Baking Department
Equivalent Units of Production for Direct Materials and Conversion
Costs
For March
Direct
Materials Conversion
Equivalent Equivalent
Units
Whole
Units
Units
Inventory in process, March 1
Started and completed in March
Transferred to finished goods in March
Inventory in process, March 31
Total
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