The following information is available for Department C for the month of June: Units Cost 10,000 Work in process, June 1 (70% complete) Direct materials Direct labor Manufacturing overhead Total work in process, June 1 Started in production during June Costs added: Direct materials Direct labor Manufacturing overhead Total costs added during June Work in process, June 30 (80% complete) 40,000 4,000 $ 36,000 18,000 24,000 $78,000 $108,000 48,000 60,600 $216,600 Materials are added at the beginning of the process. Round unit costs to two decimal places. The cost per equivalent unit of production for materials using the weighted average method is
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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