Valuation of work in progress, Cost Accounting

Valuation of Work In Progress

The concept of Equivalent units

It is a notional quantity of completed goods in the production process. This is a collection of work application or direct materials and overheads, direct labor necessary to produce one complete unit of output. They are the number of units such would have been produced throughout a period of all the departments' efforts had resulted into completed units. The concept is employed for causes of translating the partially completed production into its completed unit's equivalent.This enables cost accountants to value the work-in-progress in an objective, reliable, consistent manner.

Posted Date: 2/7/2013 2:33:06 AM | Location : United States







Related Discussions:- Valuation of work in progress, Assignment Help, Ask Question on Valuation of work in progress, Get Answer, Expert's Help, Valuation of work in progress Discussions

Write discussion on Valuation of work in progress
Your posts are moderated
Related Questions
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later

Example of Flexible and Fixed Budget A company has budgeted to produce and sell 100,000 units of cakes throughout the next period. The selling price per cake is Sh. 20 and var

Variance Analysis This section describes how labour, material and overhead variances are calculated and what causes every of those variances. A chart is given also to describe

What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what ty

Cost Book-Keeping In cost account accounts, extensive employ is made of control accounts that are based in the similar principles as those utilized in financial accounts.  Two

1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: a. Jacks

sums with solution of marginal costing

Place a prepared slide of Trypunosoma under tlic microscope and focus it under low power, You will observe large number of tiny spindle-shaped trypanosomes lying in the plasma alll

The employees at Warren Manufacturing Company are unionized. As minimum requirements, the union members insist on keeping a work force of at least 300 workers, and accepting an hou

Break-even analysis can be used to work out either a break-even volume or revenue, as per given a multiple product scenario. This is achieved using 'average contribution per unit'