Using the following terms, complete the production cost report shown below. Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Transferred out costs Equivalent units Total units to account for Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials Beginning inventory: conversion Direct materials Direct labor Applied overhead Total costs to account for $ 10.000 19,000 50.000 75,000 37.248 $191.248 Units to Account For Beginning work in process Units started into production Transferred out 5,000 20,000 19.000 PLEASE NOTE: For percent, use whole numbers and "* Le. 25). For units, use commas as needed e. 1.234) Costs per unit are rounded to two decimal places and shown with "S" and commas as needed (le. $1.234.56). All other dollar amounts are rounded to whole dollars and shown with "S" and commas as needed e. $12.345). Units to Account For: Units Completion Percent Units Accounted For Material Units Conversion Units Total Units Costs to Account For Materials Conversion Total Costs Accounted For Materials Conversion Total
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.
Please follow the exact terms and format requested in the image.
Using the following terms, complete the production cost report shown below:
|
Ending work in |
Total costs to account for | Cost per equivalent unit |
| Units started into production |
Manufacturing |
Beginning work in process |
|
Total units accounted for |
Raw Materials Inventory |
Transferred in costs |
| Incurred during the period | Completed and transferred out |
Total costs accounted for |
| Transferred out costs |
Equivalent units |
Total units to account for |
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
PLEASE NOTE: For percent, use whole numbers and "%" (i.e. 25%). For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345).
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