Please answer the questions using the given table format of COPR on the 2nd attached photo. Thank you!
? (3. TIP Inc. operates two departments in the process of its products. The following data for #vo months were made available for departments A and B: JULY Dept. A Dept. B Units: In Process, July 1 2,000 5,000 Stage of completion 3/4 40% Placed in Process ? ? Transferred to next dept. 25,000 25,000 In Process, July 31 5,000 Stage of completion 3/10 3/5 Costs: Amount Amount Costs, In Process, July 1 P 3.250 P7500 Cost incurred in July: Materials 8,750 26,500 Labor 2,500 52,000 Factory Overhead 1,250 26,000 AUGUST Units: Placed in Process 35,000 Transferred to next dept. ? In Process, August 31 10,000 10,000 Stage of completion 3/20 2/5 Costs: Amount Amount Cost incurred in August: Materials P 10.500 P 25,000 Labor 3,000 52,000 Factory Overhead 1,500 39,000 Department A applies all costs uniformly. Department B applies 30% of the materials at the beginning of the process, 30% when the process is 1/2 completed and 40% at the end of the process. It applies labor and overhead uniformly throughout the production. 2 ? Required: Prepare a cost of production report for each month and for each department using FIFO method. WAM Cost of Production Report For the month ended Department Physical Units Quantity Schedule WIP, beg Started to process Total Units to be Accounted For Units WDM EPM WDC EPC Finished and transferred to the next department Total Units transferred WIP, End Total Units as Accounted for Amount Unit Cost Cost Analysis Cost WIP Beg Material Labor Overhead Cost from previous department Material Labor Overhead Cost incurred during the month Total cost to be Accounted for Amount Finished and transferred to the next department WIP, Beg Cost last month Cost this month Started to process Cost from previous department Cost this month Total Cost of Transfer WIP, Ending Cost from previous department Cost this month Total Cost as Accounted for ? (3. TIP Inc. operates two departments in the process of its products. The following data for #vo months were made available for departments A and B: JULY Dept. A Dept. B Units: In Process, July 1 2,000 5,000 Stage of completion 3/4 40% Placed in Process ? ? Transferred to next dept. 25,000 25,000 In Process, July 31 5,000 Stage of completion 3/10 3/5 Costs: Amount Amount Costs, In Process, July 1 P 3.250 P7500 Cost incurred in July: Materials 8,750 26,500 Labor 2,500 52,000 Factory Overhead 1,250 26,000 AUGUST Units: Placed in Process 35,000 Transferred to next dept. ? In Process, August 31 10,000 10,000 Stage of completion 3/20 2/5 Costs: Amount Amount Cost incurred in August: Materials P 10.500 P 25,000 Labor 3,000 52,000 Factory Overhead 1,500 39,000 Department A applies all costs uniformly. Department B applies 30% of the materials at the beginning of the process, 30% when the process is 1/2 completed and 40% at the end of the process. It applies labor and overhead uniformly throughout the production. 2 ? Required: Prepare a cost of production report for each month and for each department using FIFO method. WAM Cost of Production Report For the month ended Department Physical Units Quantity Schedule WIP, beg Started to process Total Units to be Accounted For Units WDM EPM WDC EPC Finished and transferred to the next department Total Units transferred WIP, End Total Units as Accounted for Amount Unit Cost Cost Analysis Cost WIP Beg Material Labor Overhead Cost from previous department Material Labor Overhead Cost incurred during the month Total cost to be Accounted for Amount Finished and transferred to the next department WIP, Beg Cost last month Cost this month Started to process Cost from previous department Cost this month Total Cost of Transfer WIP, Ending Cost from previous department Cost this month Total Cost as Accounted for
