When using the weighted-average method, EUP for a period equal the number of units O A. (1) Completed from BWIP. (2) started and completed during the period, and (3) completed in EWIP OB. (1) In BWIP times the percentage of work necessary to complete the items., (2) plus the number of units started during the period, (3) minus the number of units remaining in EWIP times the percentage of work necessary to complete the items OC. (1) Completed in EWIP, (2) plus units transferred out that were started last period and completed this period, (3) plus units started this period and completed this period O D. (1) Completed in EWIP. (2) plus total units transferred out. (3) minus EUP from last period in BWIP
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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