Men of Culture Company has a process cost system and uses the weighted-average method. The following information is applicable for the month of September. (refer to image) Base on this information, the cost of the units completed is: a. P135,000 b. P113,600 c. P107,800 d. P120,250 e. Some other answer The cost of the ending WIP inventory is a. P27,200 b. P39,200 c. P21,400 d. P32,400 e. Some other answer
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.
Men of Culture Company has a
a. P135,000
b. P113,600
c. P107,800
d. P120,250
e. Some other answer
The cost of the ending WIP inventory is
a. P27,200
b. P39,200
c. P21,400
d. P32,400
e. Some other answer
![Units
In process, beginning (100% complete as to materials,
30% complete as to labor and overhead
5,000
Units started in September
In process, end (100% complete as to materials, 50%
complete as to labor and overhead)
25,000
8,000
Costs
In process, beginning
Materials
P10,000
Labor and overhead
4,500
Added during the month
Materials
47,000
73,500
Labor and overhead](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F527821ce-dad6-4253-879b-ddf41e9c7523%2F9f67fb7e-7cbf-466a-b8a9-19aa0e2fe4ac%2Fyp9qsb_processed.png&w=3840&q=75)
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