FIFO Method for Equivalent Units: Equivalent Units Under FIFO-Knowledge Check -Your answer is partially correct. Knowledge Check The Mixing Department of Landon Company has the following production data for August. Beginning work in process 1.700 units that are 100% complete as to materials and 45% complete as to conversion costs Units started and completed 10,200 units Ending work in process 900 units that are 100% complete as to materials and 75% complete as to conversion costs . . . Compute the equivalent units of production for materials and conversion costs for August. Equivalent units, materials Equivalent units, conversion costs: 11100 10879 units units
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.
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