The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Item March 1 Bal., 7,800 units, 3/5 completed. 31 Direct materials, 140,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 142,200 units 31 Bal.? units, 2/5 completed A Debit 224,640 62,680 35,264 Credit 336,264 ACCOUNT NO. Balance Debit 24,960 249,600 312,280 347,544 11,280 11,280 a. Determine the number of units in work in process inventory at March 31. units Credit b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank. Baking Department dian for Direct Materials and Conversion
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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![Equivalent Units of Production.
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.
ACCOUNT Work in Process-Baking Department
ACCOUNT NO.
Date
March
Item
1 Bal., 7,800 units, 3/5 completed.
31 Direct materials, 140,400 units
31 Direct labor
31 Factory overhead
31 Goods finished, 142,200 units.
31 Bal. ? units, 2/5 completed
Debit
224,640
62,680
35,264
Credit
336,264
Balance
Debit
24,960
249,600
312,280
347,544
11,280
11,280
a. Determine the number of units in work in process inventory at March 31.
units
Credit
b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank.
Baking Department
Equivalent Units of Production for Direct Materials and Conversion
Costs
For March](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ef3ad37-f77e-4b09-af89-0307cd0bf3be%2F84143fa8-2f0d-4a45-954a-4d08d8929864%2Fh0g8b6l_processed.jpeg&w=3840&q=75)
![b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank.
Baking Department
Equivalent Units of Production for Direct Materials and Conversion
Costs
For March
Inventory in process, March 1
Started and completed in March
Transferred to finished goods in March
Inventory in process, March 31
Total
Whole
Units
Direct
Materials Conversion
Equivalent Equivalent
Units
Units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ef3ad37-f77e-4b09-af89-0307cd0bf3be%2F84143fa8-2f0d-4a45-954a-4d08d8929864%2Fpylvgfb_processed.jpeg&w=3840&q=75)
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