Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Process costing ,Plz do these 2 questions for me i will be very thankful CHAPTER #4: PROCESS COSTING: Q1. A company's Department 1 costs for
Process costing ,Plz do these 2 questions for me i will be very thankful
CHAPTER #4: PROCESS COSTING: Q1. A company's Department 1 costs for June were: Cost added by the Department Materials $ 24,500 Labour 29140 Factory Overhead 28200 The quantity schedule 49,000 units started in production during the month out of which 45,000 units were completed and 4,000 units are still in process which are 100% complete as to material and 1/2 completed as to conversion cost. Required: Prepare a Cost of Production Report for 1st Department. Q2. Brooks Incorporation uses process costing. The costs for Department 2 for April were: Cost from preceding department $20,000 Cost added by the department: Materials $21,816 Labour $ 7,776 Factory Overhead $ 4,104 33,695 The following information was obtained from the department's quantity schedule: Units received 5,000 Units transferred out 4,000 Units still in process 1,000 The degree of completion for the work in process as to costs originating in Department 2 was: 50% of the units were 40% complete; 20% were 30%; and the balance were 20% complete. Required: Prepare a Cost of Production ReportStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started