Question
During Year 3, Anywhere, Inc. (AI) incurred the following product costs. Raw materials $ 70,000 Labor 86,220 Overhead 62,000 The Year 2 ending balance in
During Year 3, Anywhere, Inc. (AI) incurred the following product costs.
| Raw materials | $ | 70,000 |
| Labor | 86,220 | |
| Overhead | 62,000 | |
The Year 2 ending balance in the Work in Process (WIP) account was $30,000. Accordingly, this is the beginning WIP balance for Year 3. There were 160 units of product in beginning WIP inventory. AI started 1,860 units of product during Year 3. Ending WIP inventory consisted of 125 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank.
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Management Accounting
Authors: Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen
6th Edition
9780077185534
