Work Problem using the FIFO method. The Dyeing Department beginning work in process of 65 units is 20% complete as to conversion costs. Round equivalent unit costs to four decimal places.

In problem

Requirements
1. Prepare a production cost report for Carol’s Dyeing Department for July.
2. Journalize all transactions affecting Carol’s Dyeing Department during July, including the entries that have already beenposted.

Transcribed Image Text:

UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during July Completed during July Ending Work-in-Process Inventory (80% complete for 65 rolls 570 rols 520 rolls 115 rolls conversion work) COSTS Beginning Work-in-Process Inventory (transferred in costs, $3,900; materials costs, $1,625; conversion costs, $5,555) Transferred in from Spinning Department Materials costs added during July Conversion costs added during July (manufacturing wages $11,080 19,595 9,805 $9,450, manufacturing overhead, $43,135) 52,585