Answer ALL questions. QUESTION 1 (22 MARKS) SUPREMO Manufacturer manufactures a single product, RIRICE, which passes through the MIXMIX Department and FINFIN Department. Manufacturing begins in the MIXMIX Department. All units are then transferred to the FINFIN Department. In the FINFIN Department, further materials are added and processed until completion, and transferred to the finished goods inventory. Overhead is allocated based on 80% of direct labor cost. Work in process in the FINFIN Department on 1 February was 40,000 units (Materials: 80% complete; Conversion: 65% complete). The costs included in these units were as follows: MIXMIX Department costs $180,000 FINFIN Department :Direct materials $300,000 : Direct labor $500,000 : Overheads S? Units transferred in from MIXMIX were charged at $18.20 per unit. During the month, the FINFIN Department completed and transferred 60,000 units to finished goods inventory. The ending work in process for the FINFIN Department was 25,000 units (Materials: 70%; Conversion: 60%). FINFIN Department's costs in February were: Materials added during the month Direct labor for the month Overheads Required: $200,000 $250,000 $? Prepare the FINFIN Department production cost report for the month of February 2024 using (round up to 2 decimal place): i. Weighted Average method (9 marks) 11. FIFO method (13 marks) Note: You must prepare the production cost report using EXCEL.
Answer ALL questions. QUESTION 1 (22 MARKS) SUPREMO Manufacturer manufactures a single product, RIRICE, which passes through the MIXMIX Department and FINFIN Department. Manufacturing begins in the MIXMIX Department. All units are then transferred to the FINFIN Department. In the FINFIN Department, further materials are added and processed until completion, and transferred to the finished goods inventory. Overhead is allocated based on 80% of direct labor cost. Work in process in the FINFIN Department on 1 February was 40,000 units (Materials: 80% complete; Conversion: 65% complete). The costs included in these units were as follows: MIXMIX Department costs $180,000 FINFIN Department :Direct materials $300,000 : Direct labor $500,000 : Overheads S? Units transferred in from MIXMIX were charged at $18.20 per unit. During the month, the FINFIN Department completed and transferred 60,000 units to finished goods inventory. The ending work in process for the FINFIN Department was 25,000 units (Materials: 70%; Conversion: 60%). FINFIN Department's costs in February were: Materials added during the month Direct labor for the month Overheads Required: $200,000 $250,000 $? Prepare the FINFIN Department production cost report for the month of February 2024 using (round up to 2 decimal place): i. Weighted Average method (9 marks) 11. FIFO method (13 marks) Note: You must prepare the production cost report using EXCEL.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Answer ALL questions.
QUESTION 1 (22 MARKS)
SUPREMO Manufacturer manufactures a single product, RIRICE, which passes through the
MIXMIX Department and FINFIN Department.
Manufacturing begins in the MIXMIX Department. All units are then transferred to the
FINFIN Department.
In the FINFIN Department, further materials are added and processed until completion, and
transferred to the finished goods inventory. Overhead is allocated based on 80% of direct
labor cost.
Work in process in the FINFIN Department on 1 February was 40,000 units (Materials: 80%
complete; Conversion: 65% complete). The costs included in these units were as follows:
MIXMIX Department costs
$180,000
FINFIN Department
:Direct materials
$300,000
: Direct labor
$500,000
: Overheads
S?
Units transferred in from MIXMIX were charged at $18.20 per unit.
During the month, the FINFIN Department completed and transferred 60,000 units to
finished goods inventory. The ending work in process for the FINFIN Department
was 25,000 units (Materials: 70%; Conversion: 60%).
FINFIN Department's costs in February were:
Materials added during the month
Direct labor for the month
Overheads
Required:
$200,000
$250,000
$?
Prepare the FINFIN Department production cost report for the month of February 2024 using
(round up to 2 decimal place):
i. Weighted Average method
(9 marks)
11.
FIFO method
(13 marks)
Note: You must prepare the production cost report using EXCEL.
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