Given the quantity of DM added in June, Blossom Corporation determined there were still 600 gallons of cleaning solution in process at the end of the month; these units were 80% complete for conversion costs. During June, Blossom began work on 19,900 new gallons. The company finished production of 20,350 gallons in June. At the beginning of June, there were 1,050 gallons in process, 10% complete for conversion costs. All DM resources are added at the beginning of the process. Complete Step 1 of the process costing template for Blossom Corp. using the FIFO method. Verify Physical Units in Period and Identify Degree of Completion STEP 1 Physical Units DM Degree of Completion % % Conversic
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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