BOGO Incorporated has two sequential processing c Production unit information for the Roasting departma Roasting-Direct Materials Beginning work in process inventory Units started and completed Endine in process inve
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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BOGO Incorporated has two sequential processing departments, Roasting and Mixing. BOGO uses the FIFO method.
Production unit information for the Roasting department follows.
Roasting-Direct Materials
Beginning work in process inventory
Units started and completed.
Ending work in process inventory
Production cost information for the Roasting department for the same period follows.
Beginning work in process inventory (direct materials)
Direct materials added this period
Units
Beginning work in process
To complete beginning work in process
3,140
16,900
4,900
Percent
Complete
75%
85%
Using the FIFO method, assign direct materials costs to the Roasting department's output-specifically, to the units completed and
transferred out to the Mixing department and to the units that remain in work in process in the Roasting department at month-end. (Do
not round intermediate calculations.)
Cost assignment-FIFO
EUP
$ 5,020
46,900
Cost per EUP
Total Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea366306-f9a6-4b98-a79b-f328d41f4057%2F2ea2d246-9aec-48c8-9d69-a61365749b45%2Fmlm0ww_processed.jpeg&w=3840&q=75)
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