Required information [The following information applies to the questions displayed below.] Oasis Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows: Required: 1. Reconcile the number of physical units to find the missing amounts. 2. Calculate the number of equivalent units for both materials and conversion for each month using the weighted-average method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reconcile the number of physical units to find the missing amounts. Beginning Work in Process Month February June September December Conversion Complete (percent) 1,400 DRON 49 TIENER 4,700 74 28 33 Units 3,100 Units Units Started Transferred Out 19,700 24,200 26,200 22,200 < Required 1 25,400 21,200 Ending Work in Process Units Conversion Complete (percent) 6,800 24 3,700 42 2,500 58 77 Required 2 >
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.]
Oasis Company adds all materials at the beginning of its manufacturing process. Production information for selected
months of the year follows:
Required:
1. Reconcile the number of physical units to find the missing amounts.
2. Calculate the number of equivalent units for both materials and conversion for each month using the weighted-average method.
Complete this question by entering your answers in the tabs below.
Required 1
Reconcile the number of physical units to find the missing amounts.
Month
February
June
Required 2
September
December
Beginning
Work in Process
Units
1,400
4,700
3,100
Conversion
Complete
(percent)
49
74
28
33
Units
Units
Started Transferred Out
100 19,700
24,200
26,200
22,200
< Required 1
25,400
21,200
Ending
Work in Process
Conversion
Complete
(percent)
6,80024
Units
3,700
2,500
Required 2 >
42
58
77](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6fc11757-2e4f-4854-8a70-c10bc45926e4%2Ff29902a8-9414-4bf3-a76b-99a1632c07e9%2Fx12c1nt_processed.jpeg&w=3840&q=75)
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