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I need your help. please. San industrial company uses a process-costing system .Its product passes two processes, The following data for April for the first
I need your help. please.
San industrial company uses a process-costing system .Its product passes two processes, The following data for April for the first process: Units data: beginning work-in-process { Units started during April Units completed Ending work-in-process Spoilage units during process 400 unit (30% converted) 800 unit (80% converted) 4800 ? 1500 unit (90% converted) 600 unit Costs data: Details Material (H1) Material (H2) Conversion Cost $210000 $ 168500 $ 162100 $1056000 $ 873000 $ 776000 Beginning W.I.P cost during April (40%) of direct Material (H1) was added at beginning, (20%) added when productic at stage 50% and the rest was added at 70% completed. The direct Material (H2) was added uniformly throughout the process. The Inspection point is at the 60% stage of production. Normal Spoilage units amount to 5% of Good units that passed the stage of inspection. The company uses (FIFO) method in process costing. Required: 2. Prepare the following reports for first process for April: 1. Physical units & Equivalent Production report. Cost Per Unit Report. 3. Production Cost Report 4. Journal entries for April. 5. Prepare work-in-process account. 2
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