That's Refreshing makes sports drinks for active people using the process cost system. Below are the cost and production data from the Mixing Department for July. The beginning inventory on the first of July was 100% complete as to materials and 15% as to conversions costs. Units Inventory, July 1st. 57,800 $12,420.00 Placed in production in July 139,000 $32,440.00 Inventory, July 31st. 69,000 Materials Costs Conversion Costs $17,130.00 $45,118.00 The inventory on July 31st was 100% completed for materials and 33% completed as to conversions costs. Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations). That's Refreshing
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.
![That's Refreshing makes sports drinks for active people using the process cost system. Below are
the cost and production data from the Mixing Department for July. The beginning inventory on the
first of July was 100% complete as to materials and 15% as to conversions costs.
Units
Materials Costs Conversion Costs
Inventory, July 1st. 57,800
$12,420.00
$17,130.00
Placed in production in July 139,000 $32,440.00
$45,118.00
Inventory, July 31st. 69,000
The inventory on July 31st was 100% completed for materials and 33% completed as to
conversions costs.
Prepare a production report using the FIFO Method.
(Round your answers to two decimal places when needed and use rounded answers for all future
calculations).
UNITS
Units to account for:
Beginning work-in-process
Materials Received
Total units to account for
Units to be assigned costs:
Beginning WIP
Started and Completed
Transferred out
Ending work-in-process
Total units assigned
costs
COSTS
Costs per Equivalent Unit of
Production:
Total costs for the month
Total Equivalent Units
Costs per EUP
Costs Assigned to Product:
Beginning WIP
Cost for the month
Total
Costs allocated to units:
Beginning WIP
Cost to complete WIP
Started and Completed units
Transferred out
Ending WIP
Total Costs Assigned
That's Refreshing
Whole
Units
Transferred
In
That's Refreshing
Direct
Materials
Transferred
In
Equivalent Units
Direct
Material
Conversion
Costs
III
Conversion
Costs
Total Costs](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5885aba-9492-40ff-b892-939e99e307fd%2F27a0a827-0aa0-4bd5-9364-80063eb9e024%2Fk6uwcha_processed.jpeg&w=3840&q=75)
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