Brite Toothbrushes has gathered the following Information to complete its Production Report for the month of April. Ass materials are added at the beginning of the process. Required: Using the provided Information, complete the report. Note: Round cost per Equivalent Units to 2 decimal places. UNITS Units to be accounted for: Beginning work in process 50% complete as to conversion Started into production Total units Units accounted for: Completed and transferred out Ending work in process 30% complete as to conversion Total units COSTS Cost of beginning work in process Current period costs Total costs Equivalent units Cost per equivalent unit BRITE TOOTHBRUSHES Process Costing Production Report (Weighted Average Method) Assembly Department For the Month Ended April 30, Current Year Costs to be accounted for: Beginning work in process Current period costs Total costs Costs accounted for: Completed and transferred out Ending work in process Total costs Physical Units 9,000 61,500 70,500 58,000 Direct Materials Equivalent Units S Direct Materials S Conversion Cost 49,000 $ 14,000 $ 63,000 Conversion Cost Direct Materials 987,000 S 741,000 $ 1,728,000 Total Cost Conversion Cost Total Cost
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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