The November production of MVP's Minnesota Division consisted of batch P25 (3,000 professional basketballs) and batch S33 (5,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows: Direct Material: Batch P25, $78,000, including $6,000 for packaging material; batch S33, $68,750. Conversion Costs: Preparation Department, predetermined rate of $4.80 per unit; Finishing Department, predetermined rate of $4.00 per unit; Packaging Department, predetermined rate of $0.80 per unit. (Only the professional balls are packaged.) 2. Compute the November product cost for each type of basketball. (Round your intermediate and final answers to 2 decimal places.)

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…