Equivalent Units of Production Units of production data for the two departments of Continental Cable and Wire Company for November of the current fiscal year are as follows: Drawing Department Winding Department Work in process, November 1 5,500 units, 55% completed 2,200 units, 75% completed Completed and transferred to next processing department during November 75,400 units 74,600 units Work in process, November 30 4,200 units, 55% completed 3,000 units, 30% completed a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For November Whole Units Direct Materials Equivalent Units Conversion Equivalent Units Inventory in process, November 1 Started and completed in November Transferred to Winding Department in November Inventory in process, November 30 Total b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Winding Department. If an amount is zero, enter in "0". Winding Department Direct Materials and Conversion Equivalent Units of Production For November Whole Units Direct Materials Equivalent Units Conversion Equivalent Units Inventory in process, November 1 Started and completed in November Transferred to finished goods in November Inventory in process, November 30 Total
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
Units of production data for the two departments of Continental Cable and Wire Company for November of the current fiscal year are as follows:
| Drawing Department | Winding Department | |
| Work in process, November 1 | 5,500 units, 55% completed | 2,200 units, 75% completed |
| Completed and transferred to next processing department during November | 75,400 units | 74,600 units |
| Work in process, November 30 | 4,200 units, 55% completed | 3,000 units, 30% completed |
a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount is zero, enter in "0".
| Drawing Department | |||
| Direct Materials and Conversion Equivalent Units of Production | |||
| For November | |||
| Whole Units | Direct Materials Equivalent Units | Conversion Equivalent Units | |
| Inventory in process, November 1 | |||
| Started and completed in November | |||
| Transferred to Winding Department in November | |||
| Inventory in process, November 30 | |||
| Total |
b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Winding Department. If an amount is zero, enter in "0".
| Winding Department | |||
| Direct Materials and Conversion Equivalent Units of Production | |||
| For November | |||
| Whole Units | Direct Materials Equivalent Units | Conversion Equivalent Units | |
| Inventory in process, November 1 | |||
| Started and completed in November | |||
| Transferred to finished goods in November | |||
| Inventory in process, November 30 | |||
| Total |
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