The managerial accountant at Seaside Manufacturing reported the following data: Units: Beginning WIP 75% for materials 45% for conversion Transferred-in Completed Ending WIP 60% for materials 20% for conversion 59,500 OA. $3,020,300. O B. $3,348,200. OC. $2,910,960. O D. $1,546,142. 225,000 234,000 50,500 Costs: Beginning WIP Direct materials Conversion Transferred-in Transferred-in from department 1 Direct materials added Conversion added Costs of units transferred to Finished Goods Inventory would be closest to $71,500 154,400 102,000 $1,558,050 913,375 548,875 0
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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