Prepare Cost of Production Report using FIFO Method.

Q: the calculation of the equivalent unit is based on ......... of a production process

A: Equivalent units of production: Equivalent units refer to the total amount of work done on the…

Q: Define equivalent units of production.

A: Definition:   Process costing: It is a method of cost accounting, which is used where the production…

Q: Prepare the journal entries for material and labor using standard costing.

A: Journal entry is the entry which is recorded on the journal book of the company which is also known…

Q: Explain how a scatter graph is used to identify and measure cost behavior.

A: A Scatter graph is a graphical tool that plots activity level on the x-axis and matches total cost…

Q: By reference to the above data, explain the concept of equivalent units in process costing.

A: In process costing, some units may have fully finished but other units may still be under…

Q: What is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: The four-steps of tracking product costs in a process costing system are OA. accumulate, assign,…

A: A process costing system is the system which is used by the company to account the costs of a…

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: Both the equivalent units schedules and the physical flow are prerequisites to calculating the…

A: The question is related to Process Costing. There are two methods of equivalent units  1. FIFO  2.…

Q: Define Work-in-process inventory.

A: Definition:   Inventory refers to the raw materials, work-in-process, and the finished goods…

Q: Use T-accounts to showthe flow of costs in ajob-order costing system.

A: Every industry maintains different inventory accounts and every industry can use job order costing.…

Q: Calculate the total absorbtion rate used to apportion manufacturing overhead by?

A: The absorption rate is assigned according to the various allocation grounds. Hours of direct work…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.