For Items 7- 10. The quantity schedule based on the prodUction of Dept B of Sumigla Mfg Co. for May 2018 is as shown below: Actual In Process, May 1 10,000 | 3/5 done Received from Dept A Units to be ACCounted For 50,000 60.000 Materials Conversion Costs EUP EUP In Process, May 1, Finished & Transferred Received, Finished and Transferred In Process, May 31 100% 100% 3/10 30,000 Units Accounted For The cost data are as follows: In Process, May 1 Received from preceding dept (Transferred in Cost) P88,000 P250,000 Page | 11 SAINT COLUMBAN COLLEGI CARITAS Pagadian City Corner V. Cerilles Sagun Streets, San Francisco District, Pagadian City Tel Nos: 2151799/ 2151800: Fax No: 2141290 Website: www.sccpag.edu.ph : E-mail:sccpac1957@yahoo.com Factory costs: Materials P252,000 P120,000 P80,000 Labor FOH Conversion costs were evenly applied throughout the process. Materials are added as follows: 50% at the start, 30% at the middle and the remainder at the end. pla
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.
What is the equivalent units of production for materials?
a. 42,000
b. 45,000
c. 48,000
d. 60,000
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
