Production Report, Weighted Average Manzer Inc. manufactures bicycle frames in two departments: cutting and welding: Manzer uses the weighted average method, Manufacturing costs are added uniformly throughout the process. The following are cost and production data for the cutting department for October: Production: Units in process, October 1, 40% complete: Units completed and transferred out Units in process, October 31, 60% complete Costs: WIP, October 1 Costs added during October Physical flow: Required: Prepare a production report for the cutting department. Round cost per equivalent unit to the nearest cent. Use this rounded amount for further calculations. If an amount box does not require an entry, leave it blank or enter "0". 4,400 29,920 8,800 Units in beginning WIP Units started $35,200 668,800 Manzer Inc... Cutting Department Production Report For the Month of October (Weighted Average Method) Unit Information Total units to account for 4,400 34,320 38,720
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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