Please answer the following: 1. What is cost of production report? 2. What is cost per equivalent unit? 3. What is Equivalent Unit of Production?

Q: What is equivalent production? Explain in terms of its effect on computed unit costs.

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per…

A: Here in this question, we are required to calculate standard cost, actual cost per unit and standard…

Q: What is the difference between product costs and period costs?

A: Step 1 Costs incurred for the production of goods is referred to as product cost.  Direct materials,…

Q: What is another name for total manufacturing cost??

A: The total manufacturing cost is the total expense incurred by a firm for production of the goods…

Q: Prepare (a) Statement of Equivalent Production Equivalent Units Input Units Output Items Units Qty…

A: Statement of Equivalent production Statement of Cost Statement of Valuation

Q: What will the unit product cost under Full costing method.

A: Formula: Unit product cost = Direct material + Direct labor + Variable manufacturing overhead +…

Q: Prepare statement showing total and per unit cost and profit.

A: Required statement is shown below:

Q: What is the equivalent production units of materials? What is the equivalent production units of…

A: Inventory refers to the stock that is held by the company or is not sold yet which is expected to be…

Q: Which of the following best describes a fixed cost? a. Cost representing a fixed proportion of…

A: Fixed Cost: It is a cost that does not change with the change in the level of output. It is the…

Q: How to calculate manufacturing cost per unit

A: Manufacturing cost can be defined as the cost that is incurred while producing a product. It…

Q: If fixed manufacturing overhead costs are released from inventory under absorption costing, what…

A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…

Q: Need help to calculate the production cost per unit

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: true (T) or false (F) The cost per equivalent unit is computed as the total costs of a process…

A:

Q: What is the Equivalent Units of Production?

A: Equivalent unit of production is a term that is used to be applied to the work in progress inventory…

Q: How do you compute the cost of goods manufactured?

A: Cost of goods manufactured is the total amount of expense incurred in order to convert work in…

Q: What is the purpose for determining the cost per equivalent unit?

A: Equivalent units of production are applied to the work-in process inventory at the end of an…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: The term cost refers to the monetary value of expenditure for raw materials, technology, supplies,…

Q: Explain how to prepare production cost report using the weighted average method.

A: Process cost summary: Process cost summary is prepared separately for each production department or…

Q: what is the equivalent units of production for materials?  B) what is the equivalent units of…

A:

Q: calculate the total product cost per unit under variable costing.

A: Total product cost per unit is the cost of the unit which has been incurred by the company in order…

Q: Explain the difference between a product cost and a period cost.

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These…

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: do you determine the production

A:

Q: How much is the total cost of goods manufactured?

A: Cost of goods manufactured is the sum total of all direct expenses like material and labour costs…

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: How is conversion costs per equivalent unit calculated?

A: The cost per unit is calculated as total cost divided by number of units.

Q: Hi,   How do you calculated variable production cost per unit?

A: Answer:Variable production cost per unit is calculated by dividing Total variable production costs…

Q: Describe income statement under variable costing.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: 1.Based on the data above. What is the total conversion cost? 2.Based on the data above. What is…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: How is the cost per equivalent unit of production calculated?

A:

Q: Using the above information derive a cost function that can be used to predict the total production…

A: High-low cost estimation method is used to segregate the fixed cost and variable cost element in…

Q: 1. What would the manufacturing cost per unit be under absorption costing? 2. What would the…

A: C Division of White Company 1 Calculation of manufacturing cost per unit using Absorption Costing:…

Q: compute the cost per equivalent unit

A: Units completed = 3000 units  Normal Spoilage = 700 units  Ending inventory (100% Direct Material) =…

Q: total manufacturing cost to account fo

A:

Q: a) What was the amount of direct materials used in production? b) What was the amount of…

A:

Q: How do you compute the unit varible cost for an item in manufacturing?

A: Variable costs: Variable costs are costs that vary in direct proportion with changes in production…

Q: Classify each cost element as either fixed, variable or mixed Calculate: the variable production…

A: Using high low method, variable cost per unit is calculated as follows: Variable cost per unit=…

Q: Explain need for calculating more than one equivalent units of production.

A:

Q: The number of production units that could have been completed within a given accounting period,…

A: Equivalent units of production - This is the computation of competed units by converting uncompleted…