Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period $ 18,550 2,280 $ 20,830 357,500 188,670 546,170 Total costs to account for $ 567,000 Direct materials Conversion Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,000 100% 20% Units started this period 32,500 Completed and transferred out 32,000 Ending work in process inventory 2,500 100% 60% Exercise 20-15A (Static) FIFO: Production cost report LO C2 Prepare a production cost report using the FIFO method. 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
Use the following information for the Exercises below. (Static)
[The following information applies to the questions displayed below.]
The following data reports on the July production activities of the Molding department at Ash Company.
Beginning work in process
Direct materials
Conversion
Costs added this period
$ 18,550
2,280
$ 20,830
357,500
Conversion
188,670
546,170
Total costs to account for
$ 567,000
Direct materials
Direct
Materials Conversion
Percent
Percent
Units
Beginning work in process inventory
2,000
Complete
100%
Complete
20%
Units started this period
32,500
Completed and transferred out
32,000
Ending work in process inventory
2,500
100%
60%
Exercise 20-15A (Static) FIFO: Production cost report LO C2
Prepare a production cost report using the FIFO method.
Note: Round "Cost per EUP" to 2 decimal places.
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