WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following: 33,600 units 252,000 units Beginning WIP Inventory (100% complete as to material: 30% complete as to direct labor; 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) Cost Component November 1 During November Direct material $36,456 $252,000 Direct labor 5,342 128,218 Overhead 12,981 198,307 56,000 units Part A Part B a. For November, prepare a cost of production report, assuming that the company uses the weighted average method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar. a. For November, prepare a cost of production report, assuming that the company uses the weighted average method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar. Labor Overhead 0 0 0 0 0 0 0 0 0 0 0 0 Phunky Phingers Cost of Production Report (WA Method) For the Month of November Production Data: Units Beginning WIP inventory 33,600 Units started 252,000 Units to account for 0 Units Material Beginning WIP Inventory Started & completed Ending WIP inventory (100%, 40%, 8096) 0 0 Units accounted for Cost Data: Material Beginning WIP Inventory $ 0 $ 0 $ Current costs Cost to account for 0 $ 0 $ Divided by EUP Cost per EUP $ 0 $ 0 $ Cost Assignment Transferred out 0 Ending inventory: Material $ 0 Direct labor Overhead Total cost accounted for $ Total Labor 0 0 Overhead 0 $ 0 0 0 0 0 0 $ 0 $ 0 0 0 0 o $ 0 $ 0 $ $ 0 0 $ Oo b. For November, prepare a cost of production report, assuming that the company uses the FIFO method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calcul Note: Other than costs per EUP, round all amounts to the nearest whole dollar. Phunky Phingers Cost of Production Report (FIFO Method) For the Month of November Units 0 Production Data: Beginning WIP inventory Units started Units to account for 0 0 Units Material Labor Overhead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Material Labor Overhead $ 0 0 $ 0 $ 0 $ 0 Beginning WIP Inventory (0%, 70%, 40%) Started & completed Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out: Beginning WIP Inventory Complete beginning WIP DL $ 0 O 0 0 $ 0 $ 0 $ 0 $ o $ 0 0 OH 0 $ 0 $ 0 $ S 0 Started & completed Ending WIP Inventory: Material Direct labor Overhead Total cost accounted for O 0 $ 0 $ $ 0
