Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 :)
image text in transcribed
image text in transcribed
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Statements A Manager S Guide

Authors: David S. Murphy Ph.D. ,Ernest W. Murphy

1st Edition

1530688787, 978-1530688784

More Books

Students also viewed these Accounting questions

Question

Identify four applications of HRM to healthcare organizations.

Answered: 1 week ago