Work in process, January 1, 20x1 (80% complete as to conversion) Units started in production Direct-material costs Direct-labor costs Total units to account for Units Total units accounted for 220,000 1,110,000 Costs Physical Units Direct Material Direct Labor Required: 1. Complete the following schedule as of December 31, 20x1, to compute the physical flow of units. $ 302,000 $ 311,400 $1,560,000 $1,854,900
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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Timing Technology, Inc., manufactures timing devices. During 20x1, 1,100,000 units were completed and
transferred to finished-goods inventory. On December 31, 20x1, there were 230,000 units in work in process.
These units were 45 percent complete as to conversion and 100 percent complete as to direct material.
Finished-goods inventory consisted of 286,000 units. Materials are added to production at the beginning of
the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor
costs. There was no finished-goods inventory on January 1, 20x1. A review of the inventory cost records
disclosed the following information:
Work in process, January 1, 20x1
(80% complete as to conversion)
Units started in production
Direct-material costs
Direct-labor costs
Units
Costs
Direct
Material.
Direct
Labor
220,000 $ 302,000 $ 311,400
1,110,000
$1,560,000
$1,854,900](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77b312da-d2ed-4179-a84e-623485f1f533%2F4dd962cf-eac5-41b0-8b56-6f8b43914a0e%2Frnkg0c9_processed.jpeg&w=3840&q=75)
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