A company's Assembly department started processing 39,000 units in June, Production activity in both units and costs for Assembly department's June activities follows. Beginning work in process inventory Units started this period Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion 5,000 39,000 40,000 Units completed and transferred out Ending work in process inventory 4,000 Production cost information for the Finishing department for the month of June follows. Required A Units Required B Materials Percent Complete for Direct Materials 70% Required B Conversion $ 7,350 40% 3,125 $ 10,475 Complete this question by entering your answers in the tabs below. 96,975 79,470 176,445 Percent Complete for Conversion 25% Calculate the number of units started and completed for June. Units started and completed 10%
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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