Closet Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $17,700. Beginning balance @ 12/1: 320 units, 10% completed Direct materials Direct labor Overhead Property taxes Multiple Choice Depreciation Utilities Indirect labor Ending balance @ 12/31: 380 units, 20% completed $ 34,418 Total equivalent units for materials under the FIFO method are calculated to be: 1,090 equivalent units. Work in Process Inventory 1,060 equivalent units. $ 21,000 69,000 45,000 11,000 42,000 26,000 9,000 Completed 1,000 units and transferred them to finished goods inventory $ 188,582
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.
Please do not give solution in image format thanku
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
