Units in process at the beginning of August 1,100 Units started in August 2,700 Units completed and transferred 3,400 Units in process at end of August 400
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.
![Units in process at the beginning of August
1,100
Units started in August
2,700
Units completed and transferred
3,400
Units in process at end of August
400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a02bef8-a0d7-4a40-b9a1-c34befda656f%2Fb89d8380-2ba8-4e8a-a3cf-9098005514ec%2Ffcov3i_processed.png&w=3840&q=75)
![Phillips Company has the following data for the Assembly Department for August:
(Click the icon to view the data.)
Conversion costs are added evenly throughout the process. The company uses the weighted-average method.
Read the requirement.
Scenario 1. Units in process at the end of August are 10% complete; materials are added at the beginning of the
process.
Phillips Company
Production Cost Report - Assembly Department (Partial)
Month Ended August 31
Equivalent Units
Physical
Direct
Conversion
UNITS
Units
Materials
Costs
Units accounted for:
Completed and transferred out
Ending work-in-process
Total units accounted for](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a02bef8-a0d7-4a40-b9a1-c34befda656f%2Fb89d8380-2ba8-4e8a-a3cf-9098005514ec%2Fv6b3u7q_processed.png&w=3840&q=75)
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