Alice's Apple Pies Equivalent Unit Computation Flow of Production o account for: ginning work in process, November 1 : Started in production during November Flow of Physical Units 204000 995000 Equivalent Units Direct Materials Conversion Costs
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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Alice's Apple Pies collected the following production information relating to November's baking operations:
(Click the icon to view the information.)
Requirements
Complete the first two steps in the process costing procedure:
1. Summarize the flow of physical units.
2. Compute output in terms of equivalent units.
Flow of Production
Units to account for:
Beginning work in process, November 1
Plus: Started in production during November
Total physical units to account for
Units accounted for:
Completed and transferred out
Alice's Apple Pies
Equivalent Unit Computation
Plus: Ending work in process, November 30
Total physical units accounted for
Total equivalent units
Data table
Beginning work in process..
Ending work in process
Units started during the month
Print
Flow of
Physical
Units
204000
995000
1199000
154000
1199000
204,000
154,000
995,000
Physical Direct Materials
Units (% complete)
Done
Equivalent Units
Direct
Materials
65%
Conversion
Costs
Conversion Costs
(% complete)
85%
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