Completed and transferred out during June page Requirements D Calculate equivalent units of transfered in costs, direct materials and conversion costs Summarize total costs to account for, and calculate cost per equivalent und for transferred in costs drect materials, and conversion costs Assign costs to units completed and transferred out and to units in ending work in process 1. Total costs added during 2. X
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.
![Cool Clothing, Inc, is a manufacturer of winter clothes. It has a knitting department and a finishing department This exercise focuses on the finishing department Direct materials are added at the end of the
process Conversion costs are added evenly during the process. Cool uses the weighted average method of process costing Information for June 2020 follows
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Read the requirements
Requirement 1. Calculate equivalent units of transferred-in costs
Work in process, beginning inventory (June 1)
Transferred in during June
To account for
Completed and transferred out during June
page
1
2
Physical
(tone
Requirements
D
Calculate equivalent units of transfered in costs, direct materials and
conversion costs
3
Data table.
1
2 Work in process, beginning inventory (June 1)
3 Degree of completion, beginning work in process
4 Transferred-in during June
5 Completed and transferred out during June
6 Work in process, ending inventory (June 30)
7
Degree of completion, ending work in process
Total costs added during June
Summarize total costs to account for and calculate cost per equivalent unt
for transferred in costs drect materials, and conversion costs
Assign costs to units completed cand transferred out) and to units in ending
work in process
X
Print
Physical
Units (tons)
145
145
65
Done
C
D
E
Transferred-in Direct Conversion
Costs Materials Costs
655
71,500 S
100%
05
Clear all
0%
100%
0%
145.000 32.625 $
19.500
40%
60%
76050
- X
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