p9-2 The following data were gathered from the books of Jersey Company during April 2015: Units: In process, beginning (30% completed) Finished and transferred Finished and on hand In Process, end (1/3 completed) 20,000 50,000 10,000 30,000 Costs: In process, beginning Cost added this month: P30,000 Materials 70,000 Labor 40,000 Overhead 18,000 Required: Cost of production report P9-3 The following information was provided by Bronx Company for the month of June 2015: Units: In process, beginning (1/4 completed) Started during the month Finished & transferred Finished & on hand 80,000 20,000 30,000 20,000 ? In process, end (3/4 completed) Costs: P120,000 In process, beginning Cost added this month: 110,000 30,000 28,750 Materials Labor Overhead Required: Cost of production report 239 CHAPTER 9 Process Costing Using FIFO Method

Q: Describe fixed manufacturing overhead under absorption costing.

A: Absorption costing: Under this method, manufacturing cost such as direct material and labor is…

Q: By reference to the above data, explain the concept of equivalent units in process costing.

A: In process costing, some units may have fully finished but other units may still be under…

Q: What process is used to assign costs in an ABC system? Provide numerical example. I want the…

A: ABC  or Activity based costing system- It is  based upon the  fact that activities cause costs and…

Q: job costing system implementaion?

A: Job Costing System: The act of gathering information on the expenses associated with a particular…

Q: evaluation of and synthesis of key costing techniques

A: Costing techniques are important tools used by businesses to analyze and control their costs.

Q: Explain why unit cost is important in the task order costing method.

A: Task Order costing method is used to determine the cost of each order/job/task. This method of…

Q: What is meant by the term equivalent units, with regards to process costing?

A: The  term  equivalent  unit  in process  costing  refers to

Q: Explain unit product cost under absorption costing.

A: Absorption costing (also known as the “Cost-Plus” approach), is a method that is centered upon the…

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.