FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

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 …
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 compari…
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Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The production process goes through two departments assembly and testing. The following information (in thousands of South Korean currency, the won) pertains to the testing department for the month of July. Work-in-Process Inventory, July 1 Transferred-in costs Costs added in July Direct materials Conversion 6,000 units 110,800 won (100% complete) 38,500 won (100% complete) 56,960 won (80% complete) During the month of July. 15.000 units were transferred in from the assembly department at the cost of 151,700 won, and the testing department added costs of 213.420 won, as follows: Direct materials Conversion 98,120 won 115 300 won During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage of Work-in-Process was as follows: Direct materials Conversion 90% 60% Required 1. Prepare the production cost report of the testing department for the month of July using weighted-average process costing. (Round "Cost per EU" answers to 2 decimal places.) Input: Beginning WIP Units started or trans-in Process Cost Report Production Quantity Information Stage of Completion Physical Units Trans-in Direct Materials Conversion Total to account for Output: 0 % % %
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Transcribed Image Text:Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The production process goes through two departments assembly and testing. The following information (in thousands of South Korean currency, the won) pertains to the testing department for the month of July. Work-in-Process Inventory, July 1 Transferred-in costs Costs added in July Direct materials Conversion 6,000 units 110,800 won (100% complete) 38,500 won (100% complete) 56,960 won (80% complete) During the month of July. 15.000 units were transferred in from the assembly department at the cost of 151,700 won, and the testing department added costs of 213.420 won, as follows: Direct materials Conversion 98,120 won 115 300 won During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage of Work-in-Process was as follows: Direct materials Conversion 90% 60% Required 1. Prepare the production cost report of the testing department for the month of July using weighted-average process costing. (Round "Cost per EU" answers to 2 decimal places.) Input: Beginning WIP Units started or trans-in Process Cost Report Production Quantity Information Stage of Completion Physical Units Trans-in Direct Materials Conversion Total to account for Output: 0 % % %
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Step 1: Explain weighted average process costing method
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