What are the equivalent units for conversion cost? blank What is the unit material cost? blank What is the manufacturing cost per unit? blank
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.
Materials costs of Rp 5,000,000 and conversion costs of Rp 5,656,400 were charged to a processing department in the month of October. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were 5,000 units in beginning work in process that were 20% complete as to conversion costs, 15,000 units were started into production in October, and there were 3,000 units in ending work in process that were 30% complete as to conversion costs at the end of October.
What are the equivalent units for conversion cost? blank
What is the unit material cost? blank
What is the manufacturing cost per unit? blank
What is the total
What is the total manufacturing costs assigned to units in ending work in process in October? blank
What is the total cost accounted for? blank
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Cost is defined as the amount which is incurred on the production of goods or services for the final inventory to be sold. The total cost of production includes varies costs such as direct cost and indirect cost, fixed cost and variable cost. The total cost helps to determine the cost of goods to be sold in order to ascertain the profit.
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