Required information [The following information applies to the questions displayed below.] The following refers to units processed by an ice cream maker in July, Beginning work in process Goods started Goods completed Ending work in process Gallons of Product 368,000 716,000 776,000 308,000 Percent of Conversion 25% 100 100 75
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.]
The following refers to units processed by an ice cream maker in July,
Gallons of
Percent of
Conversion
Product
368,000
716,000
25%
Beginning work in process
Goods started
Goods completed
Ending work in process
776,000
308,000
Total units
100
100
75
Compute the total equivalent units of production with respect to conversion for July using the FIFO method.
Equivalent units of production (EUP) with respect to conversion - FIFO method
%
Units
EUP
Conversion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F142eef86-4b53-441f-912e-b61c949eb0cf%2Fe2dccc60-60dc-48fe-b315-647785009485%2Ft07t62_processed.jpeg&w=3840&q=75)
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