ossom Company manufactures basketballs. The first step is the oduction of internal rubber bladders. Materials are added at the beginning the production process, and conversion costs are incurred uniformly. oduction and cost data for the Bladder Department for July 2025 are as lows. Production Data-Basketballs Vork in process units, July 1 Units started into production Vork in process units, July 31 Cost Data-Basketballs Vork in process, July 1 Materials Conversion costs Units 400 1.000 500 $700 550 $1,250 Percent Complete 60 % 40 % Calculate the equivalent units of production for materials and conversion costs. Equivalent Units eTextbook and Media Materials 1400 Conversion Costs 1100 Attempts: 2 of 2 used 1622 Need explanat (a2) Calculate the unit costs of production for materials and conversion costs. (Round unit costs to 2 decimal places, e.g. 2.25.)
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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