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plz do the whole thing :) EXERCISE 2 Fong Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs
plz do the whole thing :)
EXERCISE 2 Fong Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July are as follows. Percent Units Complete Work in process units, July 1 500 60% Additional Units started into production 1,000 Units completed and transferred to Finished Goods Inventory 900 Work in process units, July 31 600 30% Work in process, July 1: Materials $750 Conversion costs 600 Total Beg WIP $1,350 Costs incurred during July: Direct materials $ 2,400 Direct labor 1,580 Manufacturing overhead 1,072 21 Instructions 22 Prepare a production cost report for the month of July for the basketballs. 23 24 FONG COMPANY 5 PRODUCTION REPORT 6 JULY 71. SCHEDULE OF EQUIVALENT UNITS 8 9 Beg WIP 0 Units Started Total Units to Account For DM Units Completed: Beg WIP Other Units Started and Completed End WIP Total Units Accounted For Equivalent Units of Production II. COMPUTATION OF PER UNIT COSTS CURRENT COSTS EQUIV. UNITS UNIT COST DM Totals Beg WIP Total ASSIGNMENT OF COSTS TO PRODUCTION Cost of Goods Manufactured: Beginning WIP Cost to Complete this Month: DM CC Total Costs of Beginning WIP Other Units Started and Compleed: Total Cost of Goods Manufactured Ending Work in Process: DM CC Total Ending Work in Process Total Cost Assigned Step by Step Solution
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