Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory. Direct materials. Conversion Costs added this period Direct materials. Conversion Total costs to account for Units 60,000 820,000 700,000 180,000 $ 420,000 139,000 2,220,000 3,254,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 559,000 5,474,000 $6,033,000 30% 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)
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.]
Victory Company uses weighted average process costing. The company has two production processes. Conversion cost
is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional
information for the first process follows.
Beginning work in process inventory
Units started this period
Units completed and transferred out
Ending work in process inventory
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
2
Ending work in process
Direct materials
Conversion
Total costs accounted for
S
W
:
F2
#
3
3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process
inventory. (Round "Cost per EUP" to 2 decimal places.)
80
F3
E
D
$
4
EUP
Q
F4
R
Units
60,000
820,000
700,000
180,000
F
$ 420,000
139,000
2,220,000
3,254,000
Cost per EUP
%
5
9
F5
Direct
Materials Conversion
Percent
Complete
100%
T
100%
Saved
$ 559,000
< Prev
5,474,000
$6,033,000
Percent
Complete
80%
G
6
30%
Total cost
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