Carla Vista Company has several processing departments. Costs charged to the Assembly Department for November 2022 totaled $2,455,345 as follows. Work in process, November 1 Materials Conversion costs Materials added Labor Overhead (a) $79,300 48,900 Your answer is partially correct. Equivalent Units Cost per unit Production records show that 34,700 units were in beginning work in process 30% complete as to conversion costs, 660,800 units were started into production, and 24,000 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process. Carla Vista Company uses the weighted-average method. $128,200 1,729,000 Materials 225,000 Determine the equivalent units of production and the unit production costs for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25.) 373,145 3.52 3.52 $ Conversion Costs 3.52 0.95 SUPPO
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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