PROCESS COSTING QUESTION

1. The firm is using process costing.

a. Beginning balances of the inventories are as follows: (as of 01 November).

Work-in process inventory: (as of 01 November) Process-2: 50,000 TL (8,000 units) These are the products that are completed in process-1 but have not been processed in process-2 process.

b. Costs incurred in the processes during the period are as follows:

Process-1 Process-2

Direct materials 40,000 80,000 Direct labor 30,000 60,000 Manufacturing overhead 120,renci numaras 140,renci numaras son rakam son rakam c. Ending work-in process inventory: (as of 30 November)

Process-1: 5,000 units Process-2: 6,000 units These are the products that are completed in process-1 and process-2, but have not been processed in process-2 and process-3.

d. A total of 80,renci numarasnn son rakam units are started during the period.

Prepare a production cost report for Process-1 and Process-2.

Process-1 manufacturing overhead 120,023, Process-2 manufacturing overhead 140,023, units started 80,023