Ultra CIB Corp manufactures specialty pens in two departments, Modeling and Filling. Materials are introduced in the Modeling Department. After modeling is completed, the materials are transferred to the Filling Department. The following data refer to the Modeling Department for March 2018 Percent Completed
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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Ultra CIB Corp manufactures specialty pens in two departments, Modeling and Filling.
Materials are introduced in the Modeling Department. After modeling is completed, the materials
are transferred to the Filling Department.
5
The following data refer to the Modeling Department for March 2018
Percent Completed
Units
Materials
Conversion
Beginning WIP
Started into Production
60,000
440,000
475,000
25,000
65%
45%
Completed and Transferred To Filling Dept.
Ending WIP
80%
20%
Materials
$72,000
$550,000
Conversion
Beginning WIP
Costs added during period
$38,000
$174,900
Required:
1. Determine the equivalent units for March for the Modeling process
2. Compute the cost per equivalent unit for the above
3. Determine the cost of ending WIP and the total cost of goods transferred to the Filling Department
4. Prepare a report to reconcile costs associated with ending WIP and goods transferred out to beginning WIP and costs added
during March](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faffc8a53-93fa-4a79-a48d-d70132a31c39%2F101cd1d5-1810-4396-937b-dbd5e4805c4e%2F3k50nhq_processed.jpeg&w=3840&q=75)
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