Required information [The following information applies to the questions displayed below.] A process manufacturer reports the following: Beginning work in process inventory Units started this period. Units completed and transferred out Ending work in process inventory Units started this period Ending work in process Total Units 154,000 320,000 350,000 124,000 Compute the total equivalent units of production for conversion. The company uses the weighted average method. Equivalent units of production: Weighted average method Conversion Answer is complete but not entirely correct. Units 196,000 154,000 350,000 Percent Complete Conversion Percent Complete 90% 100% 10% X 35% EUP 196,000 15,400 211,400
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.
![!
Required information
[The following information applies to the questions displayed below.]
A process manufacturer reports the following:
Beginning work in process inventory
Units started this period
Units completed and transferred out
Ending work in process inventory
Units started this period
Ending work in process
Total
Units
154,000
320,000
350,000
124,000
Compute the total equivalent units of production for conversion. The company uses the weighted
average method.
Equivalent units of production: Weighted average method
Conversion
Answer is complete but not entirely correct.
Units
196,000 X
154,000
350,000
Percent
Complete
Conversion
Percent
Complete
90%
100%
10% X
35%
EUP
196,000 X
15,400
211,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37e3fe0f-fe37-4bd2-8e93-f1645234ba3f%2F705acbda-27c7-43f7-ae6f-5cfb7461a708%2Fqp03a6_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
