Equivalent Units for March for materials and conversion respectively? What is the total cost per equivalent unit for March? What is the total cost of Work-in-Process Inventory as of March 31? What is the correct journal entry to record the transfer of completed units from the production department to the finished goods storage area? If Knuckle had elected to use the Weighted Average Method of Process Costing instead of the FIFO method, the total equivalent units for materials and conversion respectively would have been?
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.
Knuckle makes t-shirts. It uses the FIFO approach to
On an Equivalent Units schedule (as taught in class) what are the Finish Beginning Inventory Work-in-Process Equivalent Units for March for materials and conversion respectively?
What is the total cost per equivalent unit for March?
What is the total cost of Work-in-Process Inventory as of March 31?
What is the correct
If Knuckle had elected to use the Weighted Average Method of Process Costing instead of the FIFO method, the total equivalent units for materials and conversion respectively would have been?
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