The Skysong Company uses the FIFO method of process costing. What is The Skysong Company's total cost of units completed? Total cost of units completed $ How many total units did the company complete this period? Total number of units completed What was the actual per-unit cost for those units completed? (Round answer to 2 decimal places, e.g. 15.25.) Actual unit cost for units completed $ Is this the same as the total cost per equivalent unit this period? (Round answer to 2 decimal places, e.g. 15.25.) Total cost per equivalent unit this period $ The actual cost for the units completed this period is the total cost per EU this period.

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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.