Question
Engsbye Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a
Engsbye Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Work in process, beginning:
Units in process............................................................... 200
Percent complete with respect to materials........................ 80%
Percent complete with respect to conversion..................... 10%
Costs in the beginning inventory:
Materials cost................................................................ $800
Conversion cost............................................................. $406
Units started into production during the month............................ 20,000
Units completed and transferred out.......................................... 20,000
Costs added to production during the month:
Materials cost.............................................................. $96,000
Conversion cost........................................................... $413,648
Work in process, ending:
Units in process............................................................. 200
Percent complete with respect to materials....................... 80%
Percent complete with respect to conversion.................... 50%
Required:
Prepare a production report under:
a. Weighted average method
b. FIFO method
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