W. Percent Complete Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next praduction department Materials cost added during May Conversion cost added during May 59,000 39,000 100% 30% 100% 20% $ 49,600 $13,900 253,400 273,400 $ 59,740 $ 199,812 Required: 1. Calculate the first production department's egulvalent units of production for mntoni
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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Question 4 QUIZ - CH 05 Exe
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CH 05 Exercises & Problems (Algo) i
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Exercise 5-8 (Algo) Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units-Weighted-
Average Method [LO5-2, LO5-3, LO5-4]
Hellx Corporation uses the welghted-average method In Its process costing system. It produces prefabrlcated flooring In a serles of
steps carrled out in production departments. All of the materlal that Is used In the first production department Is added at the
beginning of processing In that department. Data for May for the first production department follow:
Percent Complete
Units
Materials
Conversion
Work in process inventory, May 1
Work in process inventory, May 31
Materials cost in work in process inventory, May 1
Conversion cost in work in process inventory, May 1
Units started into production
Units transferred to the next prdduction department
Materials cost added during May
Conversion cost added during May
59,000
$ 49,600
$ 13,900
253,400
273,400
$ 59,740
$199,812
Required:
1. Calculate the first production department's equlvalent units of production for materlals and converslon for May.
2 Compute the first production department's cost per equivalent unit for materlals and conversion for May.
3. Compute the first production department's cost of ending work In process Inventory for materlals, converslon, and in total for May.
4. Compute the first production department's cost of the units transferred to the next production department for materlals, conversion,
and in total for May.
Complete this question by entering your answers in the tabs below.
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Required 2
Required 3
Required 4
Calculate the first production department's equivalent units of production for materials and conversion for May.
Materials
Conversion
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