he following information was obtained for the grinding department of Harlan Company for May: BWIP had 94,500 units, 30% complete with respect to manufacturing costs. EWIP had 25,200 units, 25% complete with respect to manufacturing costs. Started 99,000 units in May. Required: Prepare a physical flow schedule. Harlan CompanyPhysical Flow ScheduleFor the Month of May Units to account for: Units in beginning work in process fill in the blank 1 Units started during the period fill in the blank 2 Total units to account for fill in the blank 3 Units completed and transferred out: Units started and completed fill in the blank 4 Units completed from beginning work in process fill in the blank 5 fill in the blank 6 Units in ending work in process fill in the blank 7 Total units accounted for fill in the blank 8
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.
The following information was obtained for the grinding department of Harlan Company for May:
- BWIP had 94,500 units, 30% complete with respect to
manufacturing costs. - EWIP had 25,200 units, 25% complete with respect to manufacturing costs.
- Started 99,000 units in May.
Required:
Prepare a physical flow schedule.
Harlan CompanyPhysical Flow ScheduleFor the Month of May
| Units to account for: | ||
| Units in beginning work in process | fill in the blank 1 | |
| Units started during the period | fill in the blank 2 | |
| Total units to account for | fill in the blank 3 | |
| Units completed and transferred out: | ||
| Units started and completed | fill in the blank 4 | |
| Units completed from beginning work in process | fill in the blank 5 | fill in the blank 6 |
| Units in ending work in process | fill in the blank 7 | |
| Total units accounted for | fill in the blank 8 |
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