Department K had 4,000 units 45% completed in process at the beginning of the period, 17,000 units completed during the period, and 1,200 units 40% completed at the end of the period. What was the number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories? Assume the completion percentage applies to both direct materials and conversion cost. O a. 16,310 O b. 18,350 O c. 16,130 O d. 15,680
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.
![Department K had 4,000 units 45% completed in process at the beginning of the period, 17,000 units completed during the period, and 1,200 units 40% completed at
the end of the period. What was the number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories?
Assume the completion percentage applies to both direct materials and conversion cost.
O a. 16,310
Ob. 18,350
O c. 16,130
O d. 15,680
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![Blue Lake Water Company has two departments, Purifying and Bottling. The Bottling Department received 76,000 liters from the Purifying Department. During the
period, the Bottling Department completed 74,000 liters, including 2,000 liters of work in process at the beginning of the period. The ending work in process was
5,000 liters. How many liters were started and completed during the period?
Ⓒa. 72,000
O b. 69,000
O c. 79,000
O d. 71,000
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