The following cost information is given for the department: Total equivalent units (EU) for complete units and ending work in process together: 760 EU (there is only one cost category) complete units: 700 units Which of the following is impossible? A) the ending work in process has 60 physical units B) the ending work in process has 300 physical units, which are 20% complete C) beginning work in process had 600 units and 400 units were started during the current period D) If ending work in process is 100 units, it's equivalent units are less than 100
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.
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