Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS The ICT Manufacturing Corp. has its product processed in Depatments M and P. The production data for March are given below: Department M Department P Quantity data: WIP, beg Stage of Completion Units placed in process 5,000 1/5 8,000 30,000 Units transferred out 30,000 WIP, end 7,000 Stage of Completion 2/7 2/5
Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS The ICT Manufacturing Corp. has its product processed in Depatments M and P. The production data for March are given below: Department M Department P Quantity data: WIP, beg Stage of Completion Units placed in process 5,000 1/5 8,000 30,000 Units transferred out 30,000 WIP, end 7,000 Stage of Completion 2/7 2/5
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter6: Process Costing
Section: Chapter Questions
Problem 68P: (Appendix 6A) First-In, First-Out Method Refer to Problem 6-67. Required: Prepare a production...
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![Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS
The ICT Manufacturing Corp. has its product processed in Depatments M and P.
The
production data for March are given below:
Department M
Department P
Quantity data:
WIP, beg
Stage of Completion
Units placed in process
5,000
1/5
30,000
8,000
Units transferred out
30,000
WIP, end
7,000
Stage of Completion
2/7
2/5
Cost data:
WIP, beg
Factory costs:
Materials
P750
P9,481.44
17,400
7,920
Direct labor
8,990
3,960
Factory overhead
3,480
2,640
Required: Prepare the cost of production report for the two departments.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3bb9fcf-0b29-40ba-af71-b0ec75f06711%2Fcab89ac7-530a-4a24-a15f-76ba99067f22%2Ffpq7c4r_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS
The ICT Manufacturing Corp. has its product processed in Depatments M and P.
The
production data for March are given below:
Department M
Department P
Quantity data:
WIP, beg
Stage of Completion
Units placed in process
5,000
1/5
30,000
8,000
Units transferred out
30,000
WIP, end
7,000
Stage of Completion
2/7
2/5
Cost data:
WIP, beg
Factory costs:
Materials
P750
P9,481.44
17,400
7,920
Direct labor
8,990
3,960
Factory overhead
3,480
2,640
Required: Prepare the cost of production report for the two departments.
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