Required information [The following information applies to the questions displayed below] Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted average method, and units completed in the Molding department are transferred to the Packaging department Production unit information for the Molding department follows. Holding-Direct Materials Beginning work in process inventory Units started this period Ending work in process inventory Production cost information for the Molding department for the same period follows. Beginning work in process inventory (direct materials) Direct materials added this period Units 3,500 25,500 3,000 Percent Complete 70% 80% $ 2,700 45,500 Using the weighted average method, assign direct materials costs to the Molding department's output-specifically, the units transferred out to the Packaging department and the units that remain in work in process in the Molding department at month-end. Note: Round "Cost per EUP" to 2 decimal places.
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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Required information
[The following information applies to the questions displayed below]
Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted
average method, and units completed in the Molding department are transferred to the Packaging department. Production
unit information for the Molding department follows.
Holding-Direct Materials
Beginning work in process inventory
Units started this period
Ending work in process inventory
Production cost information for the Molding department for the same period follows.
Beginning work in process inventory (direct materials)
Direct materials added this period
Units
3,500
25,500
3,000
Completed and transferred out
Direct materials
Ending work in process
Direct materials
Direct materials costs accounted for
Percent Complete
70%
80%
Using the weighted average method, assign direct materials costs to the Molding department's output-specifically, the units
transferred out to the Packaging department and the units that remain in work in process in the Molding department at month-end.
Note: Round "Cost per EUP" to 2 decimal places.
Cost assignment-Weighted average (Direct Materials Only)
Cost per EUP
EUP
$ 2,700
45,580
Total Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F32c43a2c-3afb-4fa3-86aa-61c694b3c500%2F12ed2b0b-c846-4fd8-ba60-46b4b2048ca9%2F1jgmja_processed.jpeg&w=3840&q=75)
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