Cedargrove Cider processes and bottles apple cider for sale through retail and big box grocery outlets. It had no work in process on May 31 in its only inventory account. The company started 19,100 cases during June. On June 30, work in process is 4,000 cases. The production supervisor estimates that the ending work-in-process inventory is 60 percent complete. Cost records at Cedargrove recorded June production costs of $93,750 in materials cost and $107,500 in conversion costs. All production is sold as it is produced. Required: a. Compute cost of goods sold for June. b. What is the value of work-in-process inventory on June 30? c. The president tells the controller that the company has already met its income target for the quarter, which ends on June 30, but whether the target can be met next quarter is in doubt. The president asks the controller to change the production manager's estimate about the ending work-in-process inventory to increase the probability the company can meet the next quarter's income target. 1. To comply with the president's request, would the controller raise or lower the estimated percentage complete from the 60 percent estimate of the production supervisor? 2. What should the controller do?

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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.