The following data show the units in beginning work in process inventory, the number of units started, the number of units transfered, and the perant compon of t beginning of the process. Beginning Quarter WIP Started 2 132,501 132,490 25 24 20 23 133,245 133,464 134,043 134,132 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the arts are Quarter 1 Quarter 2 Quarter 3 Quarter 4 Transferred Conversion Out 134,200 133,400 524 339 409 Units for material costs Uits for conversion costs
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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