Subsequent Department [The following information applies to the questions displayed below.] 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: 192,000 20,200 $1,375,460 $ $ $ $ 24,600 445,013 Physical Units 281,000 3,180,000 3,210,000 7
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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![SB (Algo) Calculating Physical Units, Equivalent Units and Cost per Equivalent Unit for a
Subsequent Department
[The following information applies to the questions displayed below.]
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.
$
$
192,000
20,200
$1,375,460
Costs:
$
$
24,600
445,013
Physical
Units
281,000
3,180,000
3,210,000
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc774bb4e-5e91-450b-91f0-dc972d0bae97%2Fe7904f5c-9257-476e-bc02-77772e743136%2F9iid0pp_processed.jpeg&w=3840&q=75)
![E3-20 (Algo) Reconcile the Total Cost of Work in Process [LO 3-4]
Required:
1. 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.
Direct
Materials
$ 192,000 $
Cost to Account for:
Prior Period Costs
Current Period Costs
Total Cost to Account For
S
Required 1 Required 2
E3-20 (Algo) Reconcile the Total Cost of Work in Process [LO 3-4]
192,000 $
Required:
1. Reconcile the total Cost to Account for the process.
2. Prepare a statement of total cost accounted for the process.
Cost to Account for:
Units Completed
Ending Inventory
Total Cost Accounted for:
Complete this question by entering your answers in the tabs below.
$
Conversion
Total Cost
20,200 $ 212,200
445,013
465,213 $ 212,200
Prepare a statement of total cost accounted for the process.
Direct
Materials
0
$
Conversion
Total Cost
0 $
< Required 1
0
Required 2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc774bb4e-5e91-450b-91f0-dc972d0bae97%2Fe7904f5c-9257-476e-bc02-77772e743136%2F56ta3oc_processed.jpeg&w=3840&q=75)
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