Please do not give solution in image format thanku Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. Themolding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removesthe plastic frame from the mold and strips the edges of the frames of extra plastic.The following information is available for the month of January:Work-in-Process InventoryQuantity (pounds)Molding departmentJanuary 1 January 31Quantity(pounds)Costs of ProductionMolding departmentFinishing departmentCostNoneFinishing department5,000$ 15,000The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end ofJanuary. Costs of production for January follow:DirectMaterialsCostConversion$ 450,000None2,000?$ 90,00080,290The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing.Required:1. Prepare a production cost report for the molding department.2. Prepare a production cost report for the finishing department.

According to the question given, we need to prepare the production cost report for both departments.…

Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: Work-in-Process Inventory Quantity (pounds) January 1 January 31 Quantity Cost (pounds) None. Molding department Finishing department 5,000 $ 15,000 2,000 The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end of January. Costs of production for January follow: Direct Materials Cost $ 450,000 Costs of Production Molding department. Finishing department The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing. Required: 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department. Conversion $ 90,000 None 80,290 ?

Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: Work-in-Process Inventory Quantity (pounds) January 1 January 31 Quantity Cost (pounds) None. Molding department Finishing department 5,000 $ 15,000 2,000 The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end of January. Costs of production for January follow: Direct Materials Cost $ 450,000 Costs of Production Molding department. Finishing department The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing. Required: 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department. Conversion $ 90,000 None 80,290 ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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