Required 1 Required 2 Reconcile the number of physical units to find the missing amounts. Beginning Work in Process Conversion Complete (percent) Month February June September December Units 1,700 4,400 1,800 3,900 49 73 24 39 Units Units Started Transferred Out 24,600 24,300 26,000 22,500 19,400 25,500 25,200 20,400 Ending Work in Process Conversion Complete (percent) Units 6,900 3,200 2,600 6,000 20 36 55 72
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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