The Polishing Department of Cullumber Company has the following production and manufacturing cost data for September. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Production: Beginning inventory 1.740 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 46,900; ending inventory of 7,800 units 10% complete as to conversion costs. Manufacturing costs: Beginning inventory costs, comprised of $22.100 of materials and $37,103 of conversion costs; materials costs added in Polishing during the month, $221,100; labor and overhead applied in Polishing during the month, $127,100 and $258,240. respectively, Compute the equivalent units of production for materials and conversion costs for the month of September. Conversion Costs The equivalent units of production Materials
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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