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Could you please help me solve this problem please? I need to know how to do: 1. Production report Using FIFO 2. Journal entries Partial
Could you please help me solve this problem please?
I need to know how to do:
1. Production report Using FIFO
2. Journal entries
Partial cost and production data for the mechanical department, are as follows for December 2021: Cameras in process December 1: 3,000 units 70% complete Cameras in process December 31: 20% complete Cameras started into production: 35,000 Cameras completed and transferred out: 30,000 Cost of December 1 work-in-process: Material A: $42,000 Material B: $150,000 Direct labour: $12,600 Overhead : $25,200 Costs added to production in December: Material A: $737,500 Material B: $2,100,000 Direct labour: $177,000 Overhead : $354,000 Material A and B in the mechanical department are added uniformly and at the beginning of work, respectively. Conversion costs are added on a uniform basis in all departments. Cameras from the mechanical department are transferred to the assembly department. Assume that there are 2,000 cameras in finished goods inventory at December 1 that cost $130/each using FIFO and $120/each using weighted average. There were 25,000 cameras sold in November for $300 per cameraStep by Step Solution
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