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1 9 - 3 9 FIFO process - costing method, inspection at 8 0 % completion. [ Excel template ] ( LO 3 ) Ottawa
FIFO processcosting method, inspection at completion. Excel templateLO Ottawa Manufacturing is a furniture manufacturer with two departments: moulding and finishing. The company uses the FIFO processcosting method of process costing. In August, the following data were recorded for the finishing department: Conversion costs are added evenly during the process. Direct materials costs are added when production is complete. The inspection point is at the stage of production. Normal spoilage is of all good units that pass inspection. Spoiled units are disposed of at zero net disposal value. Required For August, summarize total costs to account for, and assign these costs to units completed and transferred out including normal spoilage to abnormal spoilage, and to units in ending work inprocess.
FIFO processcosting method, inspection at completion. Excel templateLO
Ottawa Manufacturing is a furniture manufacturer with two departments: moulding and
finishing. The company uses the FIFO processcosting method of process costing. In August, the
following data were recorded for the finishing department:
Conversion costs are added evenly during the process. Direct materials costs are added when
production is complete. The inspection point is at the stage of production. Normal
spoilage is of all good units that pass inspection. Spoiled units are disposed of at zero net
disposal value.
Required
For August, summarize total costs to account for, and assign these costs to units completed and
transferred out including normal spoilage to abnormal spoilage, and to units in ending work
inprocess.
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