ACCOUNT Work In Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 17,000 units, 80% completed 35,190 31 Direct materlals, 294,100 units 347,038 382,228 31 Direct labor 188,857 571,085 31 Factory overhead 271,771 842,856 31 Goods transferred, 296,700 units 31 Bal., 2 units, 30% completed Required: Prepare a cost ofr production report, using the weighted average method, and identiry the missing amounts for Work in Process-Roasting Department. Assume that direct materials are placed in process during production. If required, round your cost per equivalent unit answer to two decimal places.
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
