Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Work in process, May 1 Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 Total units accounted for Work in process, May 1 Costs incurred during May Total costs to account for iew transaction list No 1 View journal entry worksheet Transaction 1 Production Report For the Month of May Finished-goods inventory Work-in-process inventory Physical Units 25,000 30,000 55,000 General Journal 35,000 20,000 55,000 Direct Material Conversion Total $143,000 $ 474,700 $ 617,700 165,000 2,009,000 2,174,000 $308,000 $2,483,700 $2,791,700 Percentage of Completion with Respect to Conversion 40% 80% epare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is require transaction/event, select "No journal entry required" in the first account field.) Equivalent Units Debit Direct Material. 35,000 20,000 Conversion Credit 35,000 16,000

Q: The components of the conceptual framework ?

A:

Q: Definition of Marco

A: Macroeconomics is the study of how the economy behaves in broad outline. It is largely concerned…

Q: The acco

A: Accounting equation has been considered as the origination of double entry accounting system. This…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: key internal and external stakeholders

A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…

Q: Define benchmark company

A: Benchmarking is a method of comparing the performance of the goods , services, or processes of a…

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.