Calculate Equivalent Units, Unit Costs, and Transferred Costs-FIFO Method Gaston Ma facturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. sauce is produced in two processes: blending and bottling. In the Blending Department, all mater are added at the start of the process, and labor and overhead are incurred evenly throughout the cess. Gaston uses the FIFO method. The following data from the Work-in-Process-Blending Dep ment account for January are missing a few items: F January 1 inventory (5,000 gallons, 60% processed) Transferred to Bottling Department (65,000 gallons) January charges: Direct materials (66,000 gallons) Direct labor.. Manufacturing overhead.. January 31 inventory ( Work-in-Process-Blending Department gallons, 70% processed) C. d. e. a. Number of units in the January 31 inventory. Equivalent units for materials and conversion costs. January cost per equivalent unit for materials and conversion costs. Cost of the units transferred to the Bottling Department. Cost of the incomplete units in the January 31 inventory. $17,9 Required Assuming Gaston uses the FIFO method in process costing, calculate the following amounts for Blending Department: 161,7 79,4 53,0

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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.