Oasis Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows: Required: 1. Reconcile the number of physical units to find the missing amounts. Determine the number of units started and completed each month. 2. Calculate the number of equivalent units for both materials and conversion for each month using the FIFO method. Requi Required: 1. Reconcile the number of physical units to find the missing amounts. Determine the number of units started and completed each month. 2. Calculate the number of equivalent units for both materials and conversion for each month using the FIFO method. Required 1 Required 2 Month materials conversion February June September December reconcile the number of physicial units to find the missing amounts. determine the number of units started and completed each month begining ending work in process working process Month units conversion complete % units started units completed units conversion complete% units started and completed February 1900 48 ? 19100 6900 27 ? June 4200 70 23700 ? 3700 37 ? September ? 29 26100 25500 3200 51 ? december 3300 39 22600 21300 ? 77 ?
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.
Oasis Company adds all materials at the beginning of its
manufacturing process. Production information for selected months
of the year follows:
Required:
1. Reconcile the number of physical units to find the missing amounts. Determine
the number of units started and completed each month.
2. Calculate the number of equivalent units for both materials and conversion for
each month using the FIFO method.
Requi
Required:
1. Reconcile the number of physical units to find the missing amounts. Determine
the number of units started and completed each month.
2. Calculate the number of equivalent units for both materials and conversion for
each month using the FIFO method.
Required 1 Required 2
| Month | materials | conversion | |
| February | |||
| June | |||
| September | |||
| December | |||
reconcile the number of physicial units to find the missing amounts. determine the number of units started and completed each month
| begining | ending | |||||||
| work in process | working process | |||||||
| Month | units | conversion complete % | units started | units completed | units | conversion complete% | units started and completed | |
| February | 1900 | 48 | ? | 19100 | 6900 | 27 | ? | |
| June | 4200 | 70 | 23700 | ? | 3700 | 37 | ? | |
| September | ? | 29 | 26100 | 25500 |
3200 |
51 | ? | |
| december | 3300 | 39 | 22600 | 21300 | ? | 77 | ? | |
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