Summary Cost Accounting: Process Costing

Process Costing

Beginning Work in Process (BWIP) xx
Started in Process(SIP)/ Transferred-in/ Received from prior Dept xx
Finished and Transferred / Transferred-out (xx)
Ending Work in Process (EWIP) xx

EUP = Equivalent Units of Production

Format 1: In units

Total units actually completed xx
EUP - EWIP (Actual Quantity x % of Completion) xx
Total Equivalent Production using Average Method xx
EUP - BWIP (Actual Quantity x % of Completion) (xx)
Total Equivalent Production using FIFO Method xx

Format 2: Quantity Schedule

FIFO

Actual x Work Done (WD) = EUP
BWIP xx
SIP xx
Total xx

Transferred-out:
BWIP xx Incomplete Stage xx
SIP xx 100% xx
Finished and on hand xx 100% xx
EWIP xx Completed Stage xx
Total xx xx

Average

Actual x Work Done (WD) = EUP
BWIP xx
SIP xx
Total xx

Transferred-out xx 100% xx
Finished and on hand xx 100% xx
EWIP xx Completed Stage xx
Total xx xx