Equivalent units of production are equal to a. Physical units that were completed this period from all effort being applied to them. b. The number of units introduced into the process this period. c. The number of finished units actually completed this period. d. The number of units that could have been started and completed given the cost incurred. e. The number of units in the process at the end of the period.
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.
Equivalent units of production are equal to
a. Physical units that were completed this period from all
effort being applied to them.
b. The number of units introduced into the process this period.
c. The number of finished units actually completed this
period.
d. The number of units that could have been started and
completed given the cost incurred.
e. The number of units in the process at the end of the period.
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