Steel Manufacturing Company uses a process cost system. The Molding Department adds materials the beginning of the process and conversion costs are incurred uniformly throughout the process. We in process on May 1 was 75% complete and work in process on May 31 was 25% complete. Beginning balance Started into production Physical Total Units Costs Required: 16,000 50,000 $250,600 Completed and Transferred Out 46,000 Total Costs Materials $41,000 $198,000 Conversion $42,000 Complete the production report for the Molding Department for May.
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.
Please do not give solution in image format thanku
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
