Current Attempt in Progress The Sanding Department of Sandhill Furniture Company has the following production and manufacturing cost data for March 2022, the first month of operation. Production: 8,400 units completed and transferred out: 3,600 units in ending work in process are 100% complete as to materials and 20% complete as to conversion costs. Manufacturing costs: Materials $40,800; labor $25,200; and overhead $43,200. Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) Quantities Units to be accounted for Work in process, March 1 Started into production Total units Physical Units SANDHILL FURNITURE COMPANY Sanding Department Production Cost Report Materials Equivalent Units Conversion Costs
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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