Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 20,000 Started during the month 74,000 Total units to account for fill in the blank 1 Completed and transferred out 70,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,500 $16,000 $19,500 Transferred in — — — Incurred during the period 15,300 36,360 51,660 Total costs to account for $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Equivalent units fill in the blank 13 fill in the blank 14 Cost per equivalent unit for department $fill in the blank 15 $fill in the blank 16 $fill in the blank 17 Transferred-out costs $fill in the blank 18 End work in process: materials $fill in the blank 19 End work in process: conversion fill in the blank 20 End work in process: total fill in the blank 21 Costs to account for $fill in the blank 22
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.
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place.
| Production Cost Report | |||
| Beginning inventory | 20,000 | ||
| Started during the month | 74,000 | ||
| Total units to account for | fill in the blank 1 | ||
| Completed and transferred out | 70,000 | ||
| Ending work in process | fill in the blank 2 | ||
| Total units to account for | fill in the blank 3 | ||
| Work in process completion percent | 100% | 20% | |
| Materials Units | Conversion Units | Total Units | |
| Completed and transferred out | 70,000 | 70,000 | 70,000 |
| Ending work in process | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Total units to account for | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| Costs to account for | Materials | Conversion | Total |
| Beginning work in process | $3,500 | $16,000 | $19,500 |
| Transferred in | — | — | — |
| Incurred during the period | 15,300 | 36,360 | 51,660 |
| Total costs to account for | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
| Equivalent units | fill in the blank 13 | fill in the blank 14 | |
| Cost per equivalent unit for department | $fill in the blank 15 | $fill in the blank 16 | $fill in the blank 17 |
| Transferred-out costs | $fill in the blank 18 | ||
| End work in process: materials | $fill in the blank 19 | ||
| End work in process: conversion | fill in the blank 20 | ||
| End work in process: total | fill in the blank 21 | ||
| Costs to account for | $fill in the blank 22 |
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