Question
FIFO METHOD PRODUCTION REPORT (MUST SHOW CALCULATIONS OR NO CREDIT) The accounting and production records for the company show the following information: Work in Process,
FIFO METHOD PRODUCTION REPORT (MUST SHOW CALCULATIONS OR NO CREDIT)
The accounting and production records for the company show the following information:
Work in Process, June 1 10,000 units
(Direct materials 100% complete; labor & overhead 70% complete)
Units started 60,000 units
Work in Process, June 30 4,000 units
(Direct materials 100% complete; labor & overhead 60% complete)
SUMMARY OF COSTS Work-in-Process Account:
June 1, beginning inventory, materials $ 32,000
June 1, beginning inventory, labor & overhead $ 36,000
June, added costs: materials used $180,000
June, added costs: labor & overhead (conversion cost) $307,000
June 30, Work-in-Process Account balance: $555,000
COMPLETE PRODUCTION REPORT USING FIFO METHOD and then answer questions using your numbers
- Total cost of units transferred out = _________________________________________________
- Total cost of units in ending inventory=______________________________________________
- Calculate manufacturing cost(s) per unit of units transferred out using:
STRICT FIFO ____________________________________________________________
MODIFIED FIFO__________________________________________________________
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College Accounting A Practical Approach
Authors: Jeffrey Slater
12th edition
978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233
