Twert Corporation manufactures crayons. Their crayons require three processes: mixing, molding and packaging. In the mixing department, materials are added at the beginning of the process. At the end of last month, conversion costs were 70% complete as to the 56,400 units in WIP. By the end of August, conversion costs were 80% complete as to the 23,800 units in WIP. During August, a total of 74,500 units were completed and were transferred to the molding department. The following shows the costs relating to the mixing department WIP at August 1 and the production activity for August. Costs WIP at August 1 Costs added in August $90,600 $122,200 Direct Materials Conversion a) Calculate the total equivalent units for direct materials and conversion costs for August? Twert uses the weighted average method to track costs. $24,600 $31,600 Do not enter dollar signs or commas in the input boxes. Round all units to the nearest whole number. Direct Materials Conversion Units Conversion Percentage EQU - Ending Completed Total EQU
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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