Equivalent Units of Production The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0". Worley Company Number of Equivalent Units of Production Direct Materials Conversion Whole Units Equivalent Units Equivalent Units Inventory in process, beginning 640 160 X Started and completed 12,960 x 12,960 12,960 Transferred to Packing Department 12,600 12,960 13,120 X Inventory in process, ending 720 x 720 X 216 X Total 14,320 13,680 X 13,336 X
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
The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were
completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the
process at the beginning of production.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".
Worley Company
Number of Equivalent Units of Production
Direct Materials
Conversion
Whole Units
Equivalent Units Equivalent Units
Inventory in process, beginning
640
160
Started and completed
12,960 X
12,960
12,960
X
Transferred to Packing Department
12,600
12,960 X
13,120
720 X
720 X
216 X
Inventory in process, ending
Total
14,320
13,680 X
13,336 X
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When are the materials added to the units? How much more needs to be done to the beginning units with respect to conversion costs to complete the units? How much has
been added to the units in ending work in process inventory with respect to materials and conversion?
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