The Converting Department of Soft Touch Towel and Tissue Company had 1,120 units in work in process at the beginning of the period, which were 60% complete. During the period, 23,600 units were completed and transferred to the Packing Department. There were 1,240 units in process at the end of the period, which were 75% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0". Soft Touch Towel and Tissue Company Number of Equivalent Units of Production Whole Units Direct Materials Equivalent Units Conversion Equivalent Units Inventory in process, beginning fill in the blank 1 fill in the blank 2 fill in the blank 3 Started and completed fill in the blank 4 fill in the blank 5 fill in the blank 6 Transferred to Packing Department fill in the blank 7 fill in the blank 8 fill in the blank 9 Inventory in process, ending fill in the blank 10 fill in the blank 11 fill in the blank 12 Total
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.
Equivalent Units of Production
The Converting Department of Soft Touch Towel and Tissue Company had 1,120 units in work in process at the beginning of the period, which were 60% complete. During the period, 23,600 units were completed and transferred to the Packing Department. There were 1,240 units in process at the end of the period, which were 75% complete. Direct materials are placed into the process at the beginning of production.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".
| Soft Touch Towel and Tissue Company | |||
| Number of Equivalent Units of Production | |||
| Whole Units | Direct Materials Equivalent Units |
Conversion Equivalent Units |
|
| Inventory in process, beginning | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 |
| Started and completed | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Transferred to Packing Department | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| Inventory in process, ending | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| Total |
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