Question
Cost and management accounting Chapter 19. Managerial Accounting, or chapter 20. Job Order Costing, or chapter 21. Process Costing, or chapter23. Budgetary Planning, or chapter
Cost and management accounting
Chapter 19. Managerial Accounting, or chapter 20. Job Order Costing, or chapter 21. Process Costing, or chapter23. Budgetary Planning, or chapter 22. Cost-Volume Profit.
Please solve as soon as possible I need this in 20 minutes
- CIP Industries produces plastic ice cube trays in two processes: Heating and stamping. All materials are added at the beginning of the Heating Department process.
On November 1, the Heating Department had in process 1,000 trays that were 70% complete. During November 1, it started into production 12,000 trays.
On November 30, 2020, 2,000 trays that were 60% complete were in process.
The following cost information for the Heating Department was also available:
Work in process, Nov 1 |
| Costs incurred in November |
|
Materials | $ 6,400 | Material | $ 30,000 |
Conversion costs | $ 3,600 | Labour | $ 23,000 |
|
| Overhead | $ 40,500 |
Required:
Prepare a production cost report for the Heating Departments for the month of November 2020.
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