The following data for Direct Materials (DM) and Conversion (CONV) for the past month for a maradfacturer are shown: Costs in opening WIP: Costs incurred this month: DM $850,500 $1,984,500 105000 Conversion $729,000 $1,701,000 45000 Time left 0:55:16 Total equivalent units: Units completed this month: Required: Calculate the TOTAL value of the GOODS COMPLETED AND TRANSFERRED OUT from this departmen this month. NOTE: ONLY ENTER THE NUMBER AMOUNT - DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER (e.g. if you want to enter $10,000 only enter 10000" as your answer. 30000
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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