Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period 1. Cost of ending work in process inventory 2 Cost of the units transferred to the next department A total of 26,100 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2.900 units and ending work in process inventory consisted of 1,300 units. Materials Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for the period. $ Materials $ 3,400 Conversion 470 540 $ 1.50 Total Conversion $ 678 140 1,120 $ 0.80
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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![Exercise 4A-3 Assigning Costs to Units-FIFO Method [LO4-8]
Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the
FIFO method in its process costing, appear below:
Cost of work in process inventory at the beginning of the period
Equivalent units in the ending work in process inventory
Equivalent units required to complete the beginning work in process inventory
Cost per equivalent unit for the period
1. Cost of ending work in process inventory
2 Cost of the units transferred to the next department
A total of 26,100 units were completed and transferred to the next processing department during the period. Beginning work in
process inventory consisted of 2,900 units and ending work in process inventory consisted of 1,300 units.
Materials
Required:
1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period.
2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for
the period.
$
Materials
$3,400
Conversion
470
540
$1.50
Totalt
Conversion
$ 670
140
1,120
$ 0.80](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe7badb2b-cf3e-462a-b612-3b61c2c79f46%2F1e34e7e7-fd7a-403a-97dd-5572d25183bc%2Fixxfx58_processed.jpeg&w=3840&q=75)
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