Compute for the unit cost transferred to the next department using FIFO. *ATOZ company's product is manufactured in two departments. Units are inspected at the end of theproduction process in the first department. Data related to the month of May are: WIP,beg (60% materials,35% labor, and 25% FOH), 1,000 units; started in process this period, 9,000 units; WIP,end (100% materials,75% labor and 50% FOH), 1,500 units. Cost data follows:Cost this MonthWIP.begP1,260770P36,24010,780MaterialsLaborFOH1,40021,725

Solution: ATOZ Company First Department Computation of Equivalent unit (FIFO) Particulars…

Answered: Compute for the unit cost transferred…

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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Compute for the cost of work-in process, ending using average method. Luisita Corp. produces product A and product B. It has two departments that process all products. During February, the beginning WIP in department 1 was half completed as to conversion, and complete as to direct materials. The beginning inventory included 40,000 for materials and 60,000 for conversion cost. Ending WIP inventory in department 1 was 40% complete for conversion cost. Materials are added at the start of the process. Beginning WIP in department 2 was 20% incomplete as to conversion. Direct materials for department 2 are added near the end of the process. Beginning inventories included 24,000 for material cost and 28,000 for conversion costs. WIP, beg cost from preceding department amounted to 54,600. Ending inventory was 70% incomplete. Additional information about the two department are as follows: department 1 department 2 conversion cost 28,000 68,500 materials added 48,000 34,000 beg,…
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Clonex Labs, Incorporated, uses the weighted average method in its process costing system. The following data are available for one department for October: Units Percent Completed Materials Conversion Work in process, October 1 48,000 90 % 60% Work in process, October 31 36,000 75 % 52% The department started 398,000 units into production during the month and transferred 410,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion Equivalent units of production
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Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,300 units. The costs and percentage completion of these units in beginning inventory were: Cost PercentComplete Materials costs $ 7,600 65% Conversion costs $ 8,700 45% A total of 10,300 units were started and 7,800 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 127,400 Conversion costs $ 208,900 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:
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Prepare Cost of Production Report using Weighted Average.
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