Chapter 5: Applying Excel Data Beginning work in process inventory Units in process Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory Materials cost Conversion cost Units started into production during the period Costs added to production during the period Materials cost Conversion cost Ending work in process inventory Units in process Completion with respect to materials Completion with respect to conversion Enter a formula into each of the cells marked with a ? below 2 Weighted Average method: Units transferred to the next department Equivalent units in ending work in process inventory 3 Materials Conversion Equivalent Units of Production disting Chapter 5 Form 200 55% 30% $9,600 $5,575 5,000 $368,600 $350,900 400 40% 25% Materials 7 2 Conversion
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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