Costs per Equivalent Unit and Production Costs the following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $73,000 of lirect materials. ACCOUNT Work in Process-Forging Department Date Item Nov. 1 Bal., 7,300 units, 60% completed 30 Direct materials, 66,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, 2 units 30 Bal., 5,800 units, 60% completed Debit 640,200 75,520 104,300 Credit ? Cost of ending work in process inventory on November 30. ACCOUNT NO. Balance Debit Cost of units transferred to the next department during November. 84,388 724,588 800,108 904,408 ? 7 lased on the above data, determine each of the following amounts. f required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. Cost of beginning work in process inventory completed in November. Credit

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: Define terminal value

A: Terminal value is the value of the project or the security at the end of a specified future date.…

Q: A B C D E A B C D E Type of Quality Characteristic Consistency Type of Quality Characteristic #…

A: A.   It can be seen that an unit of Chocolate Chip Cookies is valued at $9.56. However, the same…

Q: answer is incorrect, pls recheck

A: Statement of Comprehensive Income: Comprehensive income is a measure of the changes in owners'…

Q: describe conditions that are conducive to issuing low-quality, or even fraudulent, fi…

A: Financial reports are issued at the end of the year that shows the status of the Company.

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: Define call protection

A: A financial instrument that does not affect the ownership of the common shareholders or management…

Q: I need this in text not images

A: Retained earnings: These are the accumulated earnings of the company. These earnings were…

Q: Describe about the deferrals? Explain it in detail.

A:

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.