Using weighted average process costing method, the Packing Department has finished units.
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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![Using weighted average process costing method, the Packing Department has
finished
units.
73,350
70,000
73,000
73,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ca677eb-76ee-41be-9610-c4bc7d381464%2Ffa0b0ce3-c244-4694-b871-23036d96af89%2Frxei7bc_processed.jpeg&w=3840&q=75)
![EJ-KD manufactures plastic cups that undergo two departments during the process
(molding and packaging).
During the year-end, the following production information have been obtained from
both departments:
WIP, beginning units
Started units
WIP, ending units
Costs added
Direct material
Conversion cost
Beginning balances
WIP, beginning
Direct material
Chinversion cost
Molding
Direct materials are 100% completed
Conversion cost is 25% completed
$
$
$
$
$
25,000.00
60,000.00
11,500.00
160,000.00
80,000.00
21,650.00
10,000.00
11.650.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ca677eb-76ee-41be-9610-c4bc7d381464%2Ffa0b0ce3-c244-4694-b871-23036d96af89%2Fnc2yy8_processed.jpeg&w=3840&q=75)
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