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Title: Cost Accounting: Process Costing
Description: Summary of accounting for Process Costing
Description: Summary of accounting for Process Costing
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Process Costing
Beginning Work in Process (BWIP)
Started in Process(SIP)/ Transferred-in/ Received from prior Dept
Finished and Transferred / Transferred-out
Ending Work in Process (EWIP)
xx
xx
(xx)
xx
EUP = Equivalent Units of Production
Format 1: In units
Total units actually completed
EUP - EWIP (Actual Quantity x % of Completion)
Total Equivalent Production using Average Method
EUP - BWIP (Actual Quantity x % of Completion)
Total Equivalent Production using FIFO Method
xx
xx
xx
(xx)
xx
Format 2: Quantity Schedule
FIFO
BWIP
SIP
Total
Transferred-out:
BWIP
SIP
Finished and on hand
EWIP
Total
Actual
xx
xx
xx
x
xx
xx
xx
xx
xx
Work Done (WD)
=
Incomplete Stage
100%
100%
Completed Stage
EUP
xx
xx
xx
xx
xx
Average
BWIP
SIP
Total
Transferred-out
Finished and on hand
EWIP
Total
Actual
xx
xx
xx
xx
xx
xx
xx
x
Work Done (WD)
100%
100%
Completed Stage
=
EUP
xx
xx
xx
xx
Cost of Production Report
Name of Company
Cost of Production Report
Date
Quantity Schedule
BWIP
SIP
Total
Transferred-out:
BWIP
SIP
Finished and on hand
EWIP
Total
Actual
xx
xx
xx
xx
xx
xx
xx
xx
Materials
WD EUP
Conversion
WD EUP
%
100%
100%
%
%
100%
100%
%
xx
xx
xx
xx
xx
Cost Analysis
Beginning Inventory Costs:
Materials
Labor
Overhead
Total
Current Costs
Materials
Labor
Overhead (OH)
Total
Total costs to be accounted
$ XX
XX
XX
$ XX
$ XX ÷ EUP = $ XX
...
XX (Cost per EUP)
XX ÷ EUP = XX
...
XX
$ XX
xx
xx
xx
xx
xx
Finished and Transferred:
Beginning Inventory
Costs from Last Month
Materials (EUP - Mat
...
)
Labor (EUP - Conv
...
X Unit Cost - OH)
Total Cost of Completion
Started in Process (EUP x Total Unit Cost)
Total cost of units transferred
$ XX
XX
XX
XX
$ XX
XX
$ XX
Ending Inventory:
Materials (EUP - Mat
...
)
Labor (EUP - Conv
...
X Unit Cost - OH)
Total Charges
Total costs as accounted
$ XX
XX
XX
$ XX
$ XX
*Total costs to be accounted should be equal to the total costs as accounted
Title: Cost Accounting: Process Costing
Description: Summary of accounting for Process Costing
Description: Summary of accounting for Process Costing