During August the Duffy Dog Paint Company completed 88,940 cans of paint. At the beginning of August, the company had 922 units that were 75 percent complete with respect to material and 50 percent complete with respect to conversion costs. During the month, the company started production of 93,650 units. How many units were in Work in Process at the end of August?
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.
During August the Duffy Dog Paint Company completed 88,940 cans of paint. At the beginning of August, the company had 922 units that were 75 percent complete with respect to material and 50 percent complete with respect to conversion costs. During the month, the company started production of 93,650 units.
How many units were in Work in Process at the end of August?
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