Department S had no work in process at the beginning of the period. It added 13,400 units of direct materials during the period at a cost of $93,800; 10,050 units were completed during the period; and 3,350 units were 30% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. Direct labor was $54,500 and factory overhead was $9,900. The total conversion costs for the period were a.$9,900 b.$54,500 c.$64,400 d.$44,600 In the manufacture of 9,900 units of a product, direct materials cost incurred was $176,200, direct labor cost incurred was $112,500, and applied factory overhead was $42,500. What is the total conversion cost? a.$176,200 b.$42,500 c.$331,200 d.$155,000 The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (33% completed) 4,200 units Completed units during June 63,700 units Ending inventory (58% complete) 2,600 units What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories? a.62,100 units b.1,508 units c.59,500 units d.66,300 units
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 S had no work in process at the beginning of the period. It added 13,400 units of direct materials during the period at a cost of $93,800; 10,050 units were completed during the period; and 3,350 units were 30% completed as to labor and
The total conversion costs for the period were
In the manufacture of 9,900 units of a product, direct materials cost incurred was $176,200, direct labor cost incurred was $112,500, and applied factory overhead was $42,500. What is the total conversion cost?
The following production data were taken from the records of the Finishing Department for June:
| Inventory in process, June 1 (33% completed) | 4,200 | units |
| Completed units during June | 63,700 | units |
| Ending inventory (58% complete) | 2,600 | units |
What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories?
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