[The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,500 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 Conversion View transaction list Journal entry worksheet 1 Note: Enter debits before credits. Units General Journal 3,000 11,500 10,000 4,500 Date November 30 Work in process inventory-Painting Work in process inventory-Assembly Percent Complete for Direct Materials 60% $ 1,340 1,025 17,700 18,270 Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use the FIFO method. 80% Record the transfer of units from the Assembly department to the Painting department (FIFO method.) Percent Complete for Conversion 40% $ 2,365 Debit 35,970 30% Credit
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.
![[The following information applies to the questions displayed below.]
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly
department started 11,500 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
Conversion
View transaction list
Journal entry worksheet
1
Units
Note: Enter debits before credits.
3,000
11,500
10,000
4,500
Date
General Journal
November 30 Work in process inventory-Painting
Work in process inventory-Assembly
Percent
Complete for Percent
Direct
Materials
60%
$ 1,340
1,025
17,700
18,270
80%
Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting
department. Use the FIFO method.
Record the transfer of units from the Assembly department to the Painting
department (FIFO method.)
Complete for
Conversion
40%
$ 2,365
Debit
35,970
30%
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a4ebe2f-1a5e-4c5a-8633-ca9af3a9ddea%2F5d45601d-9ff0-4c70-8306-45f407c43f31%2F4gvhj9ud_processed.jpeg&w=3840&q=75)
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