Process Costing Template PDF

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Process Costing Template...

Description

Semester II, 2020/2021 PAM3023: Management Accounting

Process Costing: Weighted Average Method Step 1: Summarize Physical Flow of Units Step 2: Compute Equivalent Units

Physical Statement of Production Beginning WIP Units Started

Units

Equivalent Units Direct Conversion Materials

Costs

STEP 1

STEP 2 Completed and Transferred Out Ending WIP: Direct materials Conversion costs Total Equivalent Unit (EU)

Step 3: Summarize Total Costs to Account for Step 4: Compute Cost per Equivalent Unit

Total Costs Statement of Cost Beginning WIP Cost Added Total Costs STEP 4 (÷) Total Equivalent Unit Cost / Equivalent Unit

(RM)

Equivalent Units Direct Conversion Materials

Costs

STEP 3

Step 5: Assign Costs to Units Completed and Ending Work in Process Equivalent Units Direct Conversion

STEP 5 Statement of Evaluation Completed and Transferred Out: Direct materials Conversion

Total Costs

Materials

Costs

1

Ending WIP: Direct materials Conversion costs Total Costs

Process Costing: FIFO Method Step 1: Summarize Physical Flow of Units Step 2: Compute Equivalent Units

Physical Statement of Production Beginning WIP Units Started

Units

Equivalent Units Direct Conversion Materials

Costs

STEP 1

2

Completed and Transferred Out From B STEP 2WIP: Direct materials (added at the start of the process) Conversion costs (60% completed last month) Started and Completed this Month: Direct materials Conversion costs Ending WIP: Direct materials Conversion costs Total Equivalent Unit (EU)

Step 3: Summarize Total Costs to Account for Step 4: Compute Cost per Equivalent Unit

Total Costs Statement of Cost Beginning WIP Current Period Costs Total Costs

(RM)

Equivalent Units Direct Conversion Materials

Costs

STEP 3

Current Period Costs (÷) Tot STEP 4 nt Unit Cost / Equivalent Unit

Step 5: Assign Costs to Units Completed and Ending Work in Process Total Costs STEP 5

Equivalent Units 3

Statement of Evaluation Completed and Transferred Out: Beginning WIP Add: Cost to finish BWIP Direct materials Conversion costs

Direct

Conversion

Materials

Costs

Started and Completed this Month: Direct materials Conversion costs Ending WIP: Direct materials Conversion costs Total Costs

4...