Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation?
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.
Requirements:
A. What is the total Equivalent production for Materials?
B. What is the total Equivalent production for Conversion?
C. What is the total Cost per unit to be used for allocation?
D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory?
E. What is the total cost of in process ending for the period?
F. What is the equivalent production of In process, end for Conversion?
G. What is the equivalent production of competed and transferred for Materials?
H. How much cost from losses will be added to completed and transferred?
![3:23 PM Sat Jul 10
* O 39%
Done
Classroom
Juniper Company manufactures a single product in two departments, Cutting and
Finishing. Units of product arc started in the Cutting Department and then transferred
to the Finishing Department, where they are completed. Units are inspected at the end
of the production process in the Finishing Goods Inventory
During Julv, 5,000 units were transferred from the Cutting Department to the
Finishing Department and 3,800 were transferred from the Finishing Department to
Finished Goods Inventory. At the end of July, the Finishing Department still had 800
units in process, 40% complete as to materials and 20% complete as to conversion
costs. Cost data related to July operations in the Finishing Department are:
Cost from preceding department
Materials
P 60,000
22,600
17,440
13,080
Labor
Overhead
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Requirements:
1.Assume loss are normal loss,Prepare the Production Report
2.Assume loss are abnormal loss,Prepare the Production Report](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbacf7a21-0b55-4694-9c44-5f3248195aa8%2F8062fbd8-a7e8-44f0-8dcb-461263fb2a96%2F3lyqs0q_processed.png&w=3840&q=75)
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