The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of produ ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item August 1 Bal., 4,200 units, 4/5 completed 31 Direct materials, 75,600 units 31 Direct labor 31 Factory overhead 31 Goods finished, 76,500 units 31 Bal., ? units, 4/5 completed Debit 113,400 33,950 19,096 Credit 162,168 Balance Balance Debit Credit 2,520 115,920 149,870 168,966 6,798 6,798 a. Determine the number of units in work in process inventory at August 31. units b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". Baking Department
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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