Martin Manufacturing has two manufacturing departments, Forming and Painting. The company uses the weighted-average method and it reports the following data. Units completed in the Forming department are transferred to the Painting department. Direct materials Percent Complete Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Production cost information for the Forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Multiple Choice $ 191,200 73,200 Units 106,000 1,212,000 1,192,000 126,000 $ 5,755,680 4,354,080 $ 264,400 O 10,109,760 O $4.60 per EUP direct materials: $3.60 per EUP conversion. O $4.51 per EUP direct materials: $3.37 per EUP conversion. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. O $4.45 per EUP direct materials: $3.54 per EUP conversion. $4.29 per EUP direct materials: $3.45 per EUP conversion. 60% $4.99 per EUP direct materials: $3.71 per EUP conversion. 80% Conversion Percent Complete 40% 30%
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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