Department G had 1,800 units 25% completed at the beginning of the period, 13,600 units were completed during the period, 1,500 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $33,900 Costs added during period: Direct materials (13,300 units at $9) 119,700 Direct labor 80,400 Factory overhead 26,800 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. What is the total cost of 1,800 units of beginning inventory which were completed during the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)
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.
Department G had 1,800 units 25% completed at the beginning of the period, 13,600 units were completed during the period, 1,500 units were 20% completed at the end of the period, and the following
| Work in process, beginning of period | $33,900 |
| Costs added during period: | |
| Direct materials (13,300 units at $9) | 119,700 |
| Direct labor | 80,400 |
| Factory |
26,800 |
All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. What is the total cost of 1,800 units of beginning inventory which were completed during the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)
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