10. Orillia Company adds materials at the beginning of the process in Mixing Department. The following information pertains to Mixing Department's work-in-process during April: Units Work-in-process, April 1 (60% complete as to conversion costs) 6,000 Started in April 50,000 Completed 40,000 Work-in-process, April 30 (70% complete as to conversion costs) 16,000 Under the weighted average method, the equivalent units for conversion costs are 52,000 49,500 51,200 41,000 43,600
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.
10.
Orillia Company adds materials at the beginning of the process in Mixing Department.
The following information pertains to Mixing Department's work-in-process during April:
Units
Work-in-process, April 1 (60% complete as to conversion costs) 6,000
Started in April 50,000
Completed 40,000
Work-in-process, April 30 (70% complete as to conversion costs) 16,000
Under the weighted average method, the equivalent units for conversion costs are
-
52,000
-
49,500
-
51,200
-
41,000
-
43,600
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
