b. Department B is the second stage of Boswell Corporation's production cycle. On November 1, beginning work in process contained 98,000 units, which were 30 percent complete as to conversion costs. During November, 645,000 units were transferred in from the first stage of the production cycle. On November 30, ending work in process contained 79,000 units, which were 65 percent complete as to conversion costs. Materials are added at the end of the process. Using the weighted-average method, what are the equivalent units of production for prior department costs, materials, and conversion costs for the month of November, respectively? Multiple Choice 743,000; 664,000; 715,350 645,000; 664,000; 715,350 743,000; 664,000; 696,350 743,000; 664,000; 612,650 None of the above c. Department C is the first stage of Cohen Corporation's production cycle. The following equivalent unit information is available for conversion costs for the month of September: Beginning work-in-process inventory (20% complete) 88,000 Started in September 1,460,000 Completed in September and transferred to Department D 1,230,000 Ending work-in-process inventory (80% complete) 318,000 Using the FIFO method, the equivalent units for the conversion cost calculation are: Multiple Choice 1,466,800 1,230,000 1,212,400 1,396,400 None of the above
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.
b. Department B is the second stage of Boswell Corporation's production cycle. On November 1, beginning work in process contained 98,000 units, which were 30 percent complete as to conversion costs. During November, 645,000 units were transferred in from the first stage of the production cycle. On November 30, ending work in process contained 79,000 units, which were 65 percent complete as to conversion costs. Materials are added at the end of the process. Using the weighted-average method, what are the equivalent units of production for prior department costs, materials, and conversion costs for the month of November, respectively?
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743,000; 664,000; 715,350
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645,000; 664,000; 715,350
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743,000; 664,000; 696,350
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743,000; 664,000; 612,650
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None of the above
c. Department C is the first stage of Cohen Corporation's production cycle. The following equivalent unit information is available for conversion costs for the month of September:
| Beginning work-in-process inventory (20% complete) | 88,000 |
| Started in September | 1,460,000 |
| Completed in September and transferred to Department D | 1,230,000 |
| Ending work-in-process inventory (80% complete) | 318,000 |
Using the FIFO method, the equivalent units for the conversion cost calculation are:
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1,466,800
-
1,230,000
-
1,212,400
-
1,396,400
-
None of the above
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