Bal., 6,000 units, 25% completed Direct materials, 141,000 units @ $2.10 Direct labor Factory overhead Bal., 2 units, 70% completed Work in Process-Assembly Department 18,450 To Finished Goods, 138,000 units 296,100 431,800 167,960
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. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in
"0".
Work in Process-Assembly Department
Equivalent Units of Production for Direct Materials and Conversion Costs
Inventory in process, beginning
Started and completed
Transferred to finished goods
Inventory in process, ending
Total units
LA
Direct Materials
Conversion
Whole Equivalent Units Equivalent Units
Units Direct Materials
Conversion
7000
c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the
nearest cent.
10
Costs Per Equivalent Unit
LA
10000
$
d. Cost of the units started and completed during the period.
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae65326f-1aec-436f-bd95-4f0c169b975a%2F7bae4343-6421-442b-8da7-ac8d96da7f5d%2Fkecugj_processed.jpeg&w=3840&q=75)
![Bal., 6,000 units, 25% completed
Direct materials, 141,000 units @
$2.10
Direct labor
Factory overhead
Bal., ? units, 70% completed
Determine the following:
Work in Process-Assembly Department
18,450 To Finished Goods, 138,000 units
296,100
431,800
167,960
Inventory in process, beginning
Started and completed
Transferred to finished goods
Inventory in process, ending
?
a. The number of units in work in process inventory at the end of the period.
units
b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in
"0".
Work in Process-Assembly Department
Equivalent Units of Production for Direct Materials and Conversion Costs
Whole Equivalent Units Equivalent Units
Units
Direct Materials
Conversion
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae65326f-1aec-436f-bd95-4f0c169b975a%2F7bae4343-6421-442b-8da7-ac8d96da7f5d%2Fyokmmxn_processed.jpeg&w=3840&q=75)
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