(K) Company has two departments that process all products. During April, the beginning work in process in (A) department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $40,000 for materials and $60,000 for conversion costs. Ending work- in-process inventory in (A) department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in (B) department was 80% complete as to conversion. Direct materials for finishing the units are added near the end of the process. Beginning inventories included $24,000 for transferred-in costs and $28,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: Beginning work-in-process units Units started this period Units transferred this period Ending work-in-process units 20,000 ?????"* 60,000 64,000 20,000 $48,000 28,000 128,000 Material costs added $34,000 68,500 Conversion costs Transferred-out cost Enter the first four digits "from the right" of your ID number instead of the question marks. For example, if your ID number is 0193192, then enter the number 3192. ... Required: Prepare a production cost worksheet "consists of five steps" to calculate (1) the cost of completed units in April and (2) the cost of work in process at the And of the month inn CICOfor/DA. artmont
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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