Question
11. Cost of production report; fifo costing. Dentex Placs Corporation produces nonbreakable containers for cosmetics, using three departments: Mixing, Molding, and Finishing. On July
11. Cost of production report; fifo costing. Dentex Placs Corporation produces nonbreakable containers for cosmetics, using three departments: Mixing, Molding, and Finishing. On July 1, the work in process inventory in the Molding Department was 1,000 units. 50% complete as to materials and conversion costs, while the July 31 work in process inventory consisted of 2,800 units, 75% complete as to materials and conversion costs. During July, the Finishing Department received 20.000 units from the Molding Department. In the Molding Department, 800 units (a normal quantity) that came from the Mixing Department in July were lost during processing. Fifo costing is used. Relevant cost data are as follows: Work in process. July 1.......... July costs: Cost from Mixing Department... Materials.......... Labor.............. Factory overhead......... $ 6.000 97,632 16.200 26.568 19.872 Required: Using the fifo costing method. prepare the cost of production report for the Molding Department for July. Round unit costs to the nearest cent.
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