To determine Complete the production cost report of Company S for the month of June: Explanation Process Costing : It is a method of cost accounting used by an enterprise with processes categorised by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced. Complete the production cost report of Company S for the month of June: Calculate the physical flow of goods: Particulars Total Units Inputs: Beginning work in process 0 Units started 20,000 Units to account for during the month June 20,000 Outputs: Units completed 20,000 Ending work in process 0 Dishwashers accounted for during the month June 20,000 (Table 1) Calculate the equivalent units: Particulars Total units Direct Materials Conversion Based on monthly input: Beginning WIP 0 0 Units started 20,000 20,000 Equivalent units of input 20,000 20,000 Based on monthly output: Units completed 20,000 20,000 Ending WIP 0 0 Equivalent units of output 20,000 20,000 (Table 2) Calculate the cost per equivalent unit: Particulars Total Unit Cost Direct Materials Conversion Costs Input cost (A) $90,000 $70,000 Divide by equivalent units (B) ÷ 20,000 ÷ 20,000 Costs per equivalent unit (A÷B) $8.00 $ 4.50 $ 3.50 (Table 3) Calculate the total cost assignment: (Figure 1) Therefore, the production cost report of Company S for the month June amounted to $160,000...

Gen Combo Looseleaf Financial And Managerial Accounting; Connect Access Card

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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 …

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 compari…

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Gen Combo Looseleaf Financial And Managerial Accounting; Connect Access Card

Ch. 18 - Prob. 1STQ Ch. 18 - 2. Which of the following businesses would most...Ch. 18 - 3. Nut House manufactures and sells jars of peanut...Ch. 18 - 4. Indicate which of the following phrases...Ch. 18 - 5. A production cost report contains which of the...Ch. 18 - 1. Why would a company use multiple cost...Ch. 18 - 2. What factors should be taken into account in...Ch. 18 - 3. Rodeo Drive Jewelers makes custom jewelry for...Ch. 18 - 4. Describe at least two products or production...Ch. 18 - 5. What are the four significant parts of the...

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Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY