Silver Company manufactures kites and has the following information available for the month of April: Work in process, April 1 (100% complete for materials, 40% for conversion) Direct materials Conversion cost Number of units started April costs Direct materials. Conversion cost Work in process, April 30 (100% complete for materials, 20 % for conversion) 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. Required 1 Required: Using the weighted-average method, complete each of the following steps: Required 2 Beginning Units Units Started Reconcile the number of physical units worked on during the period. Physical Units Complete this question by entering your answers in the tabs below. Required 3 Required 4 Physical Units 47,000 units 75,000 $ $ 105,000 Units Completed Ending Units 153,000 units $ 221,000 $ 331,000 77,500 units
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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Silver Company manufactures kites and has the following information available for the month of April:
Work in process, April 1
(100% complete for materials, 40% for conversion)
Direct materials
Conversion cost
Number of units started
April costs
Direct materials
Conversion cost
Work in process, April 30
(100% complete for materials, 20% for conversion)
3. Calculate the cost per equivalent unit.
4. Reconcile the total cost of work in process.
1. Reconcile the number of physical units worked on during the period.
2. Calculate the number of equivalent units.
Required 1
Required:
Using the weighted-average method, complete each of the following steps:
Required 2
Beginning Units
Units Started
Total Units
Reconcile the number of physical units worked on during the period.
Physical
Units
Complete this question by entering your answers in the tabs below.
Required 3 Required 4
Physical
Units
0
Units Completed
Ending Units
Total Units
47,000 units
75,000
$
$ 105,000
TER
0
153,000 units
$ 221,000
$ 331,000
77,500 units
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