The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 6,400 units, 40% completed 45,760 To Finished Goods, 119,400 units ? Direct materials, 116,000 units @ $6.25 725,000 Direct labor 145,160 Factory overhead 90,020 Bal. ? units, 25% completed ? Determine the following: a. The number of units in work in process inventory at the end of the period. fill in the blank 15ed53fd8f81023_1 units Feedback b. Equivalent units of production for direct materials and conversion. If an amount box does not require an entry, leave it blank. Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Inventory in process, beginning fill in the blank 865cac0bd02003b_1 fill in the blank 865cac0bd02003b_2 fill in the blank 865cac0bd02003b_3 Started and completed fill in the blank 865cac0bd02003b_4 fill in the blank 865cac0bd02003b_5 fill in the blank 865cac0bd02003b_6 Transferred to finished goods fill in the blank 865cac0bd02003b_7 fill in the blank 865cac0bd02003b_8 fill in the blank 865cac0bd02003b_9 Inventory in process, ending fill in the blank 865cac0bd02003b_10 fill in the blank 865cac0bd02003b_11 fill in the blank 865cac0bd02003b_12 Total units fill in the blank 865cac0bd02003b_13 fill in the blank 865cac0bd02003b_14 fill in the blank 865cac0bd02003b_15 Feedback c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent. Costs Per Equivalent Unit Direct Materials $fill in the blank ec52e70bcfdbfbf_1 Conversion $fill in the blank ec52e70bcfdbfbf_2 d. Cost of the units started and completed during the period. $fill in the blank ec52e70bcfdbfbf_3
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 and Related Costs
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.
| Work in Process—Assembly Department | |||
|---|---|---|---|
| Bal., 6,400 units, 40% completed | 45,760 | To Finished Goods, 119,400 units | ? |
| Direct materials, 116,000 units @ $6.25 | 725,000 | ||
| Direct labor | 145,160 | ||
| Factory |
90,020 | ||
| Bal. ? units, 25% completed | ? |
Determine the following:
a. The number of units in work in process inventory at the end of the period.
fill in the blank 15ed53fd8f81023_1 units
b. Equivalent units of production for direct materials and conversion. If an amount box does not require an entry, leave it blank.
| Work in Process-Assembly Department | |||
| Equivalent Units of Production for Direct Materials and Conversion Costs | |||
Whole Units |
Equivalent Units Direct Materials |
Equivalent Units Conversion |
|
| Inventory in process, beginning | fill in the blank 865cac0bd02003b_1 | fill in the blank 865cac0bd02003b_2 | fill in the blank 865cac0bd02003b_3 |
| Started and completed | fill in the blank 865cac0bd02003b_4 | fill in the blank 865cac0bd02003b_5 | fill in the blank 865cac0bd02003b_6 |
| Transferred to finished goods | fill in the blank 865cac0bd02003b_7 | fill in the blank 865cac0bd02003b_8 | fill in the blank 865cac0bd02003b_9 |
| Inventory in process, ending | fill in the blank 865cac0bd02003b_10 | fill in the blank 865cac0bd02003b_11 | fill in the blank 865cac0bd02003b_12 |
| Total units | fill in the blank 865cac0bd02003b_13 | fill in the blank 865cac0bd02003b_14 | fill in the blank 865cac0bd02003b_15 |
c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent.
| Costs Per Equivalent Unit | |
| Direct Materials | $fill in the blank ec52e70bcfdbfbf_1 |
| Conversion | $fill in the blank ec52e70bcfdbfbf_2 |
d. Cost of the units started and completed during the period.
$fill in the blank ec52e70bcfdbfbf_3
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