The following information relates to the Blending Department of Old_Curry_Puffs Products (OCPP) for the month of May. OCPP uses a weighted-average process costing system. Work in process, beginning (May 1): Units in process 30,000 Percent complete with respect to materials 100% Percent complete with respect to conversion 10% Units completed and transferred out during May 290,000 Work in process, ending (May 31): Units in process 17,000 Percent complete with respect to materials 100% Percent complete with respect to conversion 80% What are the Blending Department's equivalent units related to conversion costs for May? 1) $266,400 2) $290,400 3) $293,400 4) $303,600
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.
The following information relates to the Blending Department of Old_Curry_Puffs Products (OCPP) for the month of May. OCPP uses a weighted-average
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Work in process, beginning (May 1): |
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Units in process |
30,000 |
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Percent complete with respect to materials |
100% |
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Percent complete with respect to conversion |
10% |
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Units completed and transferred out during May |
290,000 |
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Work in process, ending (May 31): |
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Units in process |
17,000 |
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Percent complete with respect to materials |
100% |
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Percent complete with respect to conversion |
80% |
What are the Blending Department's equivalent units related to conversion costs for May?
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