FIRST-IN, FIRST-OUT METHOD; SINGLE-DEPARTMENT ANALYSIS; ONE COST CATEGORY Jbooth Company produces a product that passes through an
Question:
FIRST-IN, FIRST-OUT METHOD; SINGLE-DEPARTMENT ANALYSIS; ONE COST CATEGORY Jbooth Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for March:
a. WIP, March 1, had 48,000 units (60 percent completed) and the following costs:
Direct materials $186,256 Direct labor 64,864 Overhead applied 34,400
b. During March, 138,400 units were completed and transferred to the finishing department, and the following costs were added to production:
Direct materials $267,880 Direct labor 281,280 Overhead applied 117,144
c. On March 31, there were 21,600 partially completed units in process. These units were 70 percent complete.
Required:
Prepare a production report for the assembly department for March using the FIFO method of costing. (Carry the unit cost computation to four decimal places.)
Problem
Step by Step Answer:
Cornerstones Of Financial Accounting Current Trends Update
ISBN: 9781111527952
1st Edition
Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen