(a) Compute the number of units started and completed this period for the first production department. Units started and completed (b) Compute the number of equivalent units of production for both direct materials and conversion for the first production department for April using the FIFO method. Equivalent units of production Equivalent units of production: FIFO method Direct Materials Units 0 Percent Added EUP Conversion Percent Added EUP
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.
![Use the following information for the Exercises below. (Algo)
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The first production department of Stone Incorporated reports the following for April.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
84,000
442,000
420,000
106, 000
Direct
Materials
Percent
Complete
80%
80%
Conversion
Percent
Complete
20%
30%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97b5df25-1667-438a-b46e-c2a0d1ae7c86%2F27b354c1-8676-4562-a0a3-df19c7640e72%2Fdbogdps_processed.jpeg&w=3840&q=75)
![(a) Compute the number of units started and completed this period for the first production department.
Units started and completed
(b) Compute the number of equivalent units of production for both direct materials and conversion for the first production department
for April using the FIFO method.
Equivalent units of production
Equivalent units of production: FIFO method
Direct Materials
Units
Percent
Added
EUP
Conversion
Percent
Added
EUP](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97b5df25-1667-438a-b46e-c2a0d1ae7c86%2F27b354c1-8676-4562-a0a3-df19c7640e72%2Fuxvp2co_processed.jpeg&w=3840&q=75)
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