X Your answer is incorrect. Sweetums Syrup adds raw materials costs at the beginning of its manufacturing process and incurs conversion costs uniformly throughout the process. At the beginning of last month, Sweetums had 20,000 units that were 40% complete in its Beginning Work-in- Process Inventory. Over the course of the month, the company began production of 150,000 units; at month's end, 90,000 of those units were finished and transaferred out, while the remaining units were 90% complete. Using the Weighted Average method, what was Sweetums's equivalent units of production for conversion costs for the month? O 162,000 equivalent units. O 98,000 equivalent units. 170,000 equivalents units. O 240,000 equivalent units.
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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