Following is a partial production cost report for Mitchell Manufacturing's Canning department Equivalent units of production (EUP) Completed and transferred out Ending Work in Process ost per EUP Units 80,000 12,000 Direct Materials Percent Complete 100% 100% Direct Matonials EUP 80,000 12,000 92,000 Percent Complete 100% Bet
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.
Hh2.
Account
![Following is a partial production cost report for Mitchell Manufacturing's Canning department
Equivalent units of production (EUP)
Completed and transferred out
Ending Work in Process
Cost per EUP
Cost of beginning work in process
Costs added this period
Total costs
+ Equivalent units of production
Cost per EUP
Units
80,000
12,000
Direct Materials
Percent
Complete
100%
100%
EUP
80,000
12,000
92,000
Direct Materials
$ 43,000
144,000
$187,000
92,000
$2.03 per EUP
total conversion costs transferred out of the Canning department equals:
Conversion
Percent
Complete
$ 63,200
193,600
$ 256,800
88,400
100%
Conversion
$ 2.90 per EUP
39,000
88,490](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd96efc3-2f98-4cac-898c-7da2d5d05bd8%2F4714555d-b86c-4b05-a4ac-6715a17f60e2%2Fz3e1o9_processed.jpeg&w=3840&q=75)
![O
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$256,300
$256,800.
$193,600.
$187.000.
$232,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd96efc3-2f98-4cac-898c-7da2d5d05bd8%2F4714555d-b86c-4b05-a4ac-6715a17f60e2%2Fplguq63_processed.jpeg&w=3840&q=75)
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