Bemidii Company has the following data for one of its production departments: Theoretical velocity: 400 units per hour Productive minutes available per year: 5,000,000 Annual conversion costs: $120,000,000 Actual velocity: 240 units per hour Required: 1. Calculate the actual conversion cost per unit using actual cycle time and the standard cost per minute. Round your actual cycle time answer to three decimal places and round your cost per unit answer to the ✔minutes per unit Actual cycle time Standard cost per minute Conversion cost per unit 2. Calculate the ideal conversion cost per unit using theoretical cycle time and the standard cost per minute. If required, round your answers to two decimal places. Theoretical cycle time 0.15 minutes per unit. Conversion cost per unit What incentive exists for managers when cycle time costing is used? To reduce cycle time ✓ 0.25 $ 24 ✓per minute 6 per unit 0.9 X per unit 3. What if the actual velocity is 300 units per hour? What is the conversion cost per unit? If required, round your intermediate calculations and final answers to two decimal places. Actual cycle time minutes per unit Conversion cost per unit. per unit

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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.