UNITS Beginning Work-in-Process Inventory 60 rolls Transferred in from Spinning Department during November 575 rolls Completed during November Ending Work-in-Process (80% complete for conversion work) 500 rolls 135 rolls COSTS Beginning Work-in-Process Inventory (transferred in costs, $4,600; materials cost, $1,650; conversion costs, $5,250) 11,500 Transferred in from Spinning Department 22,070 Materials cost added during November Conversion costs added during November (manufacturing wages, $8,575; manufacturing overhead allocated, $43,935) 12,320 52,510 %24
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.
Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting, latexing and shearing. In the Dyeing Department, direct materials (dye) are added at the beginning of the process. Conversion costs are incurred evenly throughout the process. Information for Novemver 2018 follows :
Requirement 1. Prepare the November production cost report for Carrie's Dyeing Department. The company uses the weighted -average method (Round all cost per unit amounts to the nearest and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units production.)
![O Data Table
UNITS
nit
Beginning Work-in-Process Inventory
60 rolls
Transferred in from Spinning Department during November
575 rolls
Completed during November
500 rolls
Ending Work-in-Process (80% complete for conversion work)
135 rolls
COSTS
Beginning Work-in-Process Inventory (transferred in costs, $4,6003;
materials cost, $1,650; conversion costs, $5,250)
11,500
Transferred in from Spinning Department
22,070
Materials cost added during November
Conversion costs added during November (manufacturing wages,
$8,575; manufacturing overhead allocated, $43,935)
12,320
52,510
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe29642ac-1d6e-48c6-9f1e-1d9ccf35d35f%2F7a912885-ab4d-4c98-8816-d51d3b33c0a0%2F30udprg_processed.jpeg&w=3840&q=75)
![Carrie Carpet
Production Cost Report-Dyeing Department
Month Ended November 30
Equivalent Units
Physical
Transferred
Direct
Conversion
UNITS
Units
In
Materials
Costs
Units to account for
Beginning work-in-process
60
Transferred in
575
635
Total units to account for
Units accounted for.
Completed and transferred out
600
500
500
Ending work-in-process
135
135
135
108
Total units accounted for
635
635
635
608
Transferred
Direct
Conversion
Total
COSTS
In
Materials
Costs
Costs
Costs to account for:
Beginning work-in-process
Costs added during the period
Total costs to account for
Dvded by Total EUP
Cost per equivalent unit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe29642ac-1d6e-48c6-9f1e-1d9ccf35d35f%2F7a912885-ab4d-4c98-8816-d51d3b33c0a0%2Ftm5kx6o_processed.jpeg&w=3840&q=75)
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