Use the following information for the Quick Study below. (Algo) Skip to question [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,100 units during November. The following production activity in both units and costs refers to the Assembly department’s November activities. Assembly Department Units Percent Complete for Direct Materials Percent Complete for Conversion Beginning work in process inventory 3,500 60% 40% Units started this period 12,100 Units completed and transferred out 10,500 Ending work in process inventory 5,100 80% 30% Cost of beginning work in process Direct materials $ 1,902 Conversion 1,457 $ 3,359 Costs added this month Direct materials 19,968 Conversion 20,197 40,165 QS 3-16A (Algo) FIFO: Assigning costs to output LO C2 Assign costs to the Assembly department’s output—specifically, the units transferred out to the Painting department and the units that remain in work in process in the Assembly department at month-end. Use the FIFO method. Note: Do not round intermediate calculations. Please donot provide solution in image format and provide solution in step by step format and fast solution
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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[The following information applies to the questions displayed below.]
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,100 units during November. The following production activity in both units and costs refers to the Assembly department’s November activities.
| Assembly Department | Units | Percent Complete for Direct Materials | Percent Complete for Conversion |
|---|---|---|---|
| Beginning work in process inventory | 3,500 | 60% | 40% |
| Units started this period | 12,100 | ||
| Units completed and transferred out | 10,500 | ||
| Ending work in process inventory | 5,100 | 80% | 30% |
| Cost of beginning work in process | ||
|---|---|---|
| Direct materials | $ 1,902 | |
| Conversion | 1,457 | $ 3,359 |
| Costs added this month | ||
| Direct materials | 19,968 | |
| Conversion | 20,197 | 40,165 |
QS 3-16A (Algo) FIFO: Assigning costs to output LO C2
Assign costs to the Assembly department’s output—specifically, the units transferred out to the Painting department and the units that remain in work in process in the Assembly department at month-end. Use the FIFO method.
Note: Do not round intermediate calculations.
Please donot provide solution in image format and provide solution in step by step format and fast solution
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