Units in process at May 1 Beginning units complete with respect to material Beginning units complete with respect to conversion costs Units started during May Units in process at May 31 Ending units complete with respect to material Ending units complete with respect to conversion costs Cost Information Beginning Work in Process Direct material $4,000 Direct labor 200 Overhead 300 Total $4,500 Equivalent units, ending WIP Total Cost per equivalent unit Material Answer a Answer b Answer e Answer h 11,000 Use the information provided to fill in the blanks associated with the Cost per Equivalent Unit Calculation section of the company's Production Cost Report. Cost per Equivalent Unit Calculation Cost Beginning WIP Cost incurred during May Total Units Units completed 100% 60% Answerf Answer i 105,000 5,100 100% 70% Costs Added in May $ 76,040.00 8,957.60 10,002.30 $ 94,999.90 Labor Overhead Total Answer c Answer d Answer g Answerj Answer k
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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