Question
Abdullah Toy Company has two production departments, molding, and finishing. The molding department places a direct material into production at the beginning of the process.
Abdullah Toy Company has two production departments, molding, and finishing. The molding department places a direct material into production at the beginning of the process. Direct labor and factory overhead costs are incurred gradually throughout the process with 3 different proportions. The summary of the molding departments units and costs during June is given below: Units Costs Work-in-process inventory, June 1 .10, 000 units Direct materials: 100 percent completeTk. 10,000 Direct labor: 30 percent complete........................................................................... Tk 1,060 Factory overhead: 40 percent complete Tk. 1, 620 Beginning work-in-process inventoryTk. 12,680 Units started during June. 40, 000 units Units completed during June and transferred out. of the molding department . .44,000 units Work-in-process inventory, June 306,000 units Direct materials: 100 percent complete. Tk. 44,000 Direct labor: 50 percent complete.22, 440 Factory overhead: 60 percent complete 43,600 Total costs added during June. Tk. 110,040 Required: Prepare a production cost report for the month June using the FIFO method for molding Department.
NB: Do in paper or word. no excel please
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