QRS Company makes fabric covered hatboxes The compony bogan September with 500 boxes in process thot wore 100 porcent complete as to cardboard 80 percent complote as to clothe, and 60 percont complote as to conversion costs. During the month, 3,300 boxes wero started On September 30, 350 boxes were in process (100 percent completo as to cardboard 70 percent complete as to cloth and 55 percent complete as to conversion costs) What is the oquivalent units of production for the month using FIFO mothod in Cardboard Cloth and Conversion respectively? Seloct one A 3.800 3.295 2242.50 B3300 3,295 134250 C.1300 3095 164250 D 3800 3.005 364250
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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