[The following information applies to the questions displayed below] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,700 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials i Conversion Units 3,000 10,700 10,000 3,700. Percent Complete for Percent Direct Complete for Materials 70% $977 779 12,353 90% $1,756 33,794 Conversion 30% 30% Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use the FIFO method.
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 information applies to the questions displayed below.]
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,700
units during November. The following production activity in both units and costs refers to the Assembly department's
November activities.
Assembly Department
Beginning work in process inventory
Units started this period
Units completed and transferred out
Ending work in process inventory
Cost of beginning work in process
Direct materials.
Conversion
Costs added this month
Direct materials i
Conversion
Units
3,000
10,700
10,000
3,700.
Percent
Complete for Percent
Direct Complete for
Materials
70%
$977
779
12,353
90%
$1,756
33,794
Conversion
30%
30%
Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use
the FIFO method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3824b55-af29-4e78-943b-f923818c94e5%2F1f50d4b0-4801-4d76-bd44-8c8b7199a803%2F7oe9271_processed.jpeg&w=3840&q=75)
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