Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Beginning work in process inventory Units started this period. Completed and transferred out. Ending work in process inventory Production cost information for the forming department follows. Beginning work in process Direct materials Units 33,500 470,000 468,500 35,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 55,000 22,100 1,745,000 1,154,020 Direct Materials Percent Complete 70% 90% $ 77,100 2,899,020 $ 2,976,120 Conversion Percent Complete 30% 50%

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 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 …

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…