The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion Total costs to account for $ 18,550 2,280 Completed and transferred out Ending work in process inventory 357,500 188,670 Beginning work in process inventory Units started this period $ 20,830 546,170 $ 567,000 Units 2,000 32,500 32,000 2,500 Direct Materials Conversion Percent Complete 100% 100% Percent Complete 20% 60%
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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The following data reports on the July production activities of the Molding department at Ash Company.
Beginning work in process
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 18,550
2,280
Completed and transferred out
Ending work in process inventory
357,500
188,670
Beginning work in process inventory
Units started this period
$ 20,830
546,170
$ 567,000
Units
2,000
32,500
32,000
2,500
Direct
Materials Conversion
Percent
Percent
Complete
100%
Complete
20%
100%
60%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc860f7d-8144-482b-af65-d08d28366106%2Ff22cffa1-4c9f-42a5-803c-442919e47b5f%2Fe0lwf7d_processed.png&w=3840&q=75)
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