Stem Games manufactures playing cards. It has three departments: Printing, Cutting & Collating, an Wrapping. Transferred-in costs are considered materials costs. The following information is availab Wrapping department for the month of October: Beginning work in process (100% complete for materials, 80% complete for conversion) Decks transferred in Decks completed and transferred to Finished Goods Inventory Ending Work in Process (100% complete for materials, 45% complete for conversion) Physical Units 286,000 3,280,000 3,260,000 ?
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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Answer both the requirement
Answer both the requirement
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Stem Games manufactures playing cards. It has three departments: Printing, Cutting & Collating, and
Wrapping. Transferred-in costs are considered materials costs. The following information is available for the
Wrapping department for the month of October:
Beginning work in process
(100% complete for materials, 80% complete for conversion)
Decks transferred in
Decks completed and transferred to Finished Goods Inventory
Ending Work in Process
(100% complete for materials, 45% complete for conversion)
Beginning work in process:
Direct materials
Conversion cost
Costs transferred in
October costs:
Direct materials
Conversion costs.
Costs:
$ 212,000
$ 22,200
$ 1,759,960
$ 25,000
$ 1,133,018
E3-20 (Algo) Reconcile the Total Cost of Work in Process [LO 3-S1]
Required:
1. Reconcile the total Reconcile the total cost to account for the process.
Physical
Units
286,000
3,280,000
3,260,000
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2F7a253177-3190-4b39-866b-947e2ee14ecb%2Fxktlg6_processed.png&w=3840&q=75)
![October costs:
Direct materials
Conversion costs
E3-20 (Algo) Reconcile the Total Cost of Work in Process [LO 3-S1]
Required:
1. Reconcile the total Reconcile the total cost to account for the process.
2. Prepare a statement of total cost accounted for the process.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Reconcile the total cost to account for the process.
Cost to Account for:
Prior Period Costs
Current Period Costs
Total Cost to Account For
$
$ 25,000
$ 1,133,018
Direct Materials
Conversion
0 $
Required 1
0
Total Cost
0
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2F7a253177-3190-4b39-866b-947e2ee14ecb%2Fqbxj6o_processed.png&w=3840&q=75)
By allocating expenses to units of production or service based on a set rate, this accounting technique enables companies to calculate the cost per unit and evaluate the overall effectiveness and profitability of their production processes. In conclusion, process cost accounting offers a thorough understanding of the financial implications of manufacturing goods or rendering services, assisting businesses in making wise choices regarding pricing, resource allocation, and process improvement.
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