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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 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

FINANCIAL ACCOUNTING
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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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.
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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