Explain the process costing income statement

 Accounting background is preferred for the assignment."

Please answer each of the following questions in detail. Provide in-text citations and include

examples whenever applicable.

1. Explain the process costing income statement and provide a hypothetical example of process

costing income statement in a manufacturing enterprise. Explain how unit product cost is

evaluated in this format. Provide in-text citations and explain your example in detail.

2. Explain the variable costing income statement and provide a hypothetical example of variable

costing income statement in a manufacturing enterprise. Provide in-text citations and explain

your example in detail.

Professional Assignment 1 – CLO 1, CLO 2, CLO 3, CLO 8

Information for the Hi-Test company’s production process for September follows (see the Problem.jpg in attachment). Assume that  all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.

Compute each of the following.

1. The number of equivalent units for materials for the month.

2. The number of equivalent units for conversion for the month.

3. The variable cost per equivalent unit of materials for the month.

4. The variable cost per equivalent unit for conversion for the month.

5. The total variable cost of goods transferred out.

6. The total variable cost of ending work in process inventory.

Please explain your work in detail and provide in-text citations. At least six (6) peer-reviewed

references are required among which one should be the textbook as source of the data. Include the

initial situation and the initial assumptions in your answer.