Solution-Difference between transferred-in costs and costs

Difference between transferred-in costs and costs of units

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Q1. A food processing company has two sequential production departments: mixing and cooking. The cost of the January 1 work in process in the cooking department is as follows:

Direct material $79,000

Conversion 30,000

Transferred-in costs 182,000

During what time period and in what department were the $182,000 of cost shown above incurred? Can you please explain the answer.

Q2. What is the difference between transferred-in costs and costs of units completed and transferred. Can you cite an example of each.

Q3. Why do product-costing systems based on a single, volume-based cost driver tend to over-cost high-volume products? What undesirable strategic effects can such distortion of product costs have? Can you please explain the answer and provide an example.

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Difference between transferred-in costs and costs of units

Reference no: EM132857932

Reference no: EM132857932

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