Prepare a production cost report using the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. Unit reconciliation Units to account for Beginning work in process Units started this period Total units to account for Units accounted for Beginning work in process Units started and completed Ending work in process Total units accounted for Equivalent units of production (EUP) - FIFO method 3,000 36,500 39,500 3,000 33,000 3,500 39,500 Units Direct Materials % Added EUP % Added Conversion EUP
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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The following data reports on the July production activities of the Molding department at Ash Company.
Beginning work in process
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Unit reconciliation
Units to account for
Beginning work in process
Units started this period
Total units to account for
Prepare a production cost report using the FIFO method.
Note: Round "Cost per EUP" to 2 decimal places.
Units accounted for
Beginning work in process
Units started and completed
Ending work in process
Total units accounted for
Equivalent units of production (EUP) - FIFO method
Beginning work in process
Started and completed
Ending work in process
Equivalent Units of Production
Cost per EUP
+ Equivalent units of production
Cost per EUP (rounded to 2 decimals)
Cost assignment
Beginning work in process
To complete beginning work in process
Direct materials
Conversion
Started and completed
Direct materials
Conversion
Completed and transferred out
Ending work in process
Direct materials
Conversion
Total costs accounted for
Units
3,000
36,500
36,000
3,500
$ 29,950
3,540
3,000
36,500
39,500
Units
3,000
33,000
3,500
39,500
412,450
221,250
EUP
3,000
33,000
3,500
39,500
EUP
EUP
$ 33,490
633,700
$ 667,190
Direct
Materials
Percent
Complete
100%
100%
% Added
Direct Materials
0%
100%
100%
Cost per EUP
Cost per EUP
$
$
0.00
0.00
Conversion
Percent
Complete
20%
Cost per EUP
$
0.00
$
0.00
60%
EUP
Direct Materials
Total cost
Total cost
0
Total cost
0
$
% Added
Conversion
0.00
EUP
Conversion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fecb3ccf8-64a3-4f42-90b5-c9c7edf16923%2F7943f693-ac77-441d-bac1-ccbe83bfaa43%2Fxzdmfvi_processed.png&w=3840&q=75)
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