Required: 1. If the number of bottles completed during the quarter is 255,200, what is the total cost that should be assigned to these bottles under the weighted average method? 2. If Alonzo had used the FIFO method, total cost assigned to ending work in process would have been P 11,597. If bottles completed during the quarter are 255,200, what is the total cost that should be assigned to the completed bottles under the FIFO method?
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.
![Problem 9 Alonzo Manufacturing uses a process costing system to accumulate, costs related to
the production of "Supergrow" an industrial strength hair grower. Material costs and conversion
costs for last quarter are provided below:
Costs in beginning work in process
Current costs for the quarter
Materials
P 6,544
281,656
Conversion
16,803
344,817
The equivalent bottles of production under the weighted average method are 262,000 for
materials and 258,300 for conversion costs. All materials are added at the beginning of the
production process. Beginning work in process was composed of 3,600 bottles that were 80%
complete with respect to conversion costs.
Required:
1. If the number of bottles completed during the quarter is 255,200, what is the total cost that
should be assigned to these bottles under the weighted average method?
• 2. If Alonzo had used the FIFO method, total cost assigned to ending work in process would
have been P 11,597. If bottles completed during the quarter are 255,200, what is the total cost
that should be assigned to the completed bottles under the FIFO method?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fabbae060-b652-4354-97e7-e71317bcae23%2F2ada587a-8940-4b04-ba34-60d43c1a81b9%2Fvvgty1a_processed.jpeg&w=3840&q=75)
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