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I need help with the cost of production report Case Study CS-1 LO 1234 The finishing department of Diana Company produced 40,000 units of standard
I need help with the cost of production report
Case Study CS-1 LO 1234 The finishing department of Diana Company produced 40,000 units of standard chairs during the month of February. It incurred $15,000 in direct materials cost; 2,500 direct labor hours paid at $10 per hour; and manufacturing overhead applied at 150% of direct labor cost. Diana Company uses process costing to accumulate costs. Assume there is no beginning inventory. Required a) Calculate the conversion costs incurred during the month of February. b) Assume, that only 30,000 units were completed and transferred out. The remaining 10,000 units left in ending inventory are only 70% complete with respect to conversion costs. Direct materials are added at the beginning of the process. Prepare a cost of production report. Diana Company Cost of Production Report Inputs Outputs Beginning Add Equals Add EndingStep by Step Solution
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