Hook Bait Incorporated processes king salmon for various distributors. Two departments involved - processing and packaging. Data relating to tons of king salmon processed in processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Conversion Materials Work-in-process Inventory - June 1 2,700 Work-in-process Inventory - June 30 4,000 Started processing during June 8,900 Total equivalent units for conversion under the FIFO method are calculated to be: Group of answer choices 7,672 equivalent units. 10,516 equivalent units. 7,196 equivalent units. 11,088 equivalent units. 11,304 equivalent units. 82 72 92 52
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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