Department G had 2,400 units 25% completed at the beginning of the period, 13,000 units were completed during the period, 2,000 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: $26,300 Work in process, beginning of period Costs added during period: Direct materials (12,600 units at $8) Direct labor Factory overhead All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of 2,400 units beginning inventory which were completed during the period is (do not round unit cost calculations) $44,950 $26,300 $39,620 100,800 88,800 29,600 $42,950
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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