Assume the following information: Milling Department Materials Conversion Total Cost of beginning in process inventory $ 10, 000 $ 15,000 $25,000 Costs added during the period 291,600 385,000 676, 600 Total cost $ 301, 600 $ 400,000 $ 701, 600 Assume the equivalent units of production for materials and conversion are 5, 200 units and 5,000 units, respectively, using the weigh - average method. If 4, 680 units were completed and transferred to the next department, then what the total cost assigned to the units completed and transferred out of the Milling Department? Multipl Choice $641, 840 $645, 840 $650, 840 $639, 840
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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