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First In First Out or FIFO Method - Work in Progress
This method considers merely those costs incurred throughout the recent period. Equivalent units are calculated given as:
Equivalent Units= Units completed and transferred + (Units in ending W.I.P x% of completion - Units in beginning)
X % of completion
Cost/Equivalent Unit = Current Costs /Equivalent Units
Carefully Notice here that FIFO differentiates the "units started and completed in the recent period" from the units transferred and completed. This is done with subtracting the "beginning W.I.P." from the "units finished and transferred" and "the ending work in process".
SD manufactures and sells a small range of timber based products. The main differences b/w the products are their size and the type of timber they used. SD prepares annual budgets
budget preparation
BEP- Break Event Point: It shows no Loss and no Profit The level of activity at which, total revenues equivalent total costs. A point at which there is no profit and no loss.
The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based
DF is describing its consolidated financial declaration for the year ended 31 December 2009. DF has a numerous investments in other entities. Some of these investments are provided
Elements of Cost Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct la
Flexible budgeting is a reporting system wherin the
LEV;LRV
in process beg and ending
On January 1, 2012, a machine was purchased for $197,100. The machine has an estimated salvage value of $13,140 and an estimated useful life of 5 years. The machine can operate for
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