Required information Exercise 2-54 and 2-55 (Algo) (LO 2-6) [The following information applies to the questions displayed below.] Acacia Manufacturing has compiled the following information from the accounting system for the one product it sells: Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) equired: Calculate the product costs per unit. Note: Round your answer to 2 decimal places. Calculate the period costs for the period. xercise 2-55 (Algo) Components of Full Costs (LO 2-6) a. Product costs per unit b. Period costs $70 per unit $ 23,600 $ 8,900 $7 $18 $8 $14 21,000
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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![Required information
Exercise 2-54 and 2-55 (Algo) (LO 2-6)
[The following information applies to the questions displayed below.]
Acacia Manufacturing has compiled the following information from the accounting system
for the one product it sells:
Sales price
Fixed costs (for the month)
Marketing and administrative
Manufacturing overhead
Variable costs (per unit)
Marketing and administrative
Direct materials
Manufacturing overhead
Direct labor
Units produced and sold (for the month)
Required:
a. Calculate the product costs per unit.
Note: Round your answer to 2 decimal places.
b. Calculate the period costs for the period.
Exercise 2-55 (Algo) Components of Full Costs (LO 2-6)
a. Product costs per unit
b. Period costs
$ 70 per unit
$ 23,600
$ 8,900
$7
$18
$ 8
$ 14
21,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdead88a2-0ef7-48c9-8d78-426ba1780967%2Fedc77ebe-c766-46f3-bbff-0779d8f6d0e9%2Fv3w41av_processed.jpeg&w=3840&q=75)
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