Process Costing : Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process. Requirement 1 To Prepare Process Cost Summary for Cutting Department for the month of October:

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Chapter 20, Problem 3APSA

Cost Summary for Cutting Department using weighted average method.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Prepare Process Cost Summary for Cutting Department for the month of October:

2.Journal Entry to Transfer Cost of units from

Cutting to Assembly

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

Journal Entry to transfer cost of units from Cutting to Assembly.

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