Prepare a schedule showing physical units of production.
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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Production Data
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June
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|---|---|---|---|
| Beginning work in process units | 0 | ||
| Units started into production | 25,960 | ||
| Ending work in process units | 2,360 | ||
| Percent complete—ending inventory | 40 | % |
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Cost Data
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|---|---|---|
| Materials | $233,640 | |
| Labor | 63,248 | |
| Overhead | 133,104 | |
| Total | $429,992 |
(a)
| Physical units | ||
|---|---|---|
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Units to be accounted for
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Work in process, June 1
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enter a number of units
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Started into production
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enter a number of units
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Total units
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enter a total number of units
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Units accounted for
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Transferred out
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enter a number of units
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Work in process, June 30
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enter a number of units
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Total units
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enter a total number of units
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Work In Process:
At the end of a process there may be some units that have been started but not completed. These are known as closing work-in-progress. They are still there at the start of the next period,waiting to be finished. They are therefore opening work-in-progress of the next period.
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