Flashcards
Chapter 8: Process Costing
Cards in this deck (6)
- 1Equivalent UnitsThe number of physical units multiplied by the estimated percentage of "completeness".
- 2Calculate Weighted Average Equivalent Units=Units transferred out+EU in end. WIP
- 3Calculate FIFO Equivalent Units=EU to complete beg. WIP+Units started and completed+EU in end. WIP
- 4Calculate costs per EU Weighted AverageUnit cost= (Costs in beg. WIP+Current period costs)
/Units transf out+EU end WIP - 5Calculate Costs per EU FIFOUnit Cost=Current period costs/EU of current work done
- 6Steps to Computing Product Costs1. Record physical flow of resources.
2. Compute EU of production.
3. ID the total costs to be accounting for (costs in beg WIP+Costs incurred)
4. Compute costs per EU.
5. Assign costs to batches of work.
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- Cost Accounting Flashcards on Chapter 8: Process Costing, created by L F on 29/09/2017.
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- L F
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