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Cost Per Equivalent Unit FIFO Method Part 2 Applying Costs

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Lessons List | 10 Lesson


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12 Reviews

Bhagyalekshmi P B

Good 2023-12-07

Bilby Thomas

Its good for my studies 2023-12-07

Mariyamol John

Gd 2023-12-04

Vish Vone

need more detailed explanation 2023-11-20

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Course Description

What is meant by process costing? Process costing is a method of costing used mainly in manufacturing where units are continuously mass-produced through one or more processes. ... The method used is to take the total cost of the process and average it over the units of production.What are the steps in process costing? Follow the 5 steps for process costing. Analyze inventory flow. Convert in-process inventory to equivalent units. Compute all applicable costs. Calculate the cost per unit of finished and in-process inventory. Allocate costs to units of finished and in-process inventory. What are the types of process costing? Types of process costing Standard cost. Standard cost refers to calculating costs for production units instead of actual costs. ... Weighted average. ... First-in, first-out. ... Analyze the inventory. ... Convert inventory costs. ... Calculate applicable costs. ... Calculate the cost per unit. ... Designate costs for complete and incomplete products.