Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Example of Process Cost Report
Let suppose that the beginning work in progress in a Company in the month of November was 1,000 units that were 100 percent complete in terms of materials and 75 percent complete like to conversion. Raw materials costs relating to beginning work in progress amounted to shs.3,000 and conversion was shs.1,000. 10,000 units were completed throughout the period and transferred to finished goods stock account. 2,000 units were now in process and were 100 percent complete in relation to materials and 50 percent complete in relation to conversion costs. Costs incurred throughout the period were raw materials shs.33,000, conversion shs.43,000;
Required
Employ both FIFO and weighted average methods, to find out cost per equivalent unit and value of ending inventory. Organize the process cost report.
Process Cost Report
For the month of December
For Weighted Average Method
1st Step
Physical Units
Beginning W.I.P
1,000
Units started during the period
11,000 (10,000 + 2,000 - 1,000)
Units to account for:
12,000
2nd Step
Equivalent Units
Total Units
Materials
Conversion Costs
Units completed during the period:
10,000
Ending W.I.P
2,000
2,000 =(100% x 2,000)
1,000= (50% x 2,000)
Units accounted for
11,000
3rd Step
Cost Determination
Material Cost
Beginning W.I.P Materials: Conversion
3,000
-
Current costs
Cost to account for:
76,000
33,000
43,000
80,000
10,250
Shs.7
Shs.3
Shs.4
4th Step:
Cost Assignment:
Units started and completed during the current period: 9,000 x 7:
63,000
Ending W.I.P = Materials: 2,000 x 3:
6,000
= Conversion: 1,000 x 4:
4,000
Beginning W.I.P Materials
Conversion:
Cost of work done to complete beginning W.I.P
* costs
750 x 4
Costs Accounted for
Accounting Case Study: The Champlain Career Consulting Corporation ("CCCC") is owned by three Trent graduates. Incorporated in 2009, CCCC provides a wide-range of career plann
The Smiths have two children who live with them: Sandy and Judy. Both are full-time students. Sandy is an accomplished singer and made $4,200 during the year performing at special
Using the information below, list profit statements for June and July using (a) margin costing and (b) absorption costing. A company produces and sells 1 product only which
Q. Show the Profit volume charts? A variation of a break-even chart, representing graphically the relationship between profit &losses at different levels of sales volume achiev
explain fully the concept of the cost.how does cost accounting contribute to the effective and efficent management of an industrial established?
Describe the manner in which a materials usage variance is divided into mix and yield component variances.
The following is a summary of a cash book for the year ended 31 April 2012 Payments $ Receipts
Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the
LEV;LRV
what is the meaning or definition of cost objective?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd