MAJU Print Manufacturing Sdn. Bhd. Manufactures and sell high-technology printing press each year. During 2021, half of a million units were completed and transferred to finished goods inventory. On 31 December 2021, there were 15,000 units in work in process. These units were 50% complete as to conversion and 80% complete as to direct materials. Product costs are added to production throughout the manufacturing process and overhead is applied to each product at the rate of 60% of direct labor costs. There was no finished goods inventory on 1 January 2021. A review of the inventory cost records disclosed the following information: Costs Labor RM Units Materials RM Work in process, 1 January 2021 (100% complete to raw material and 10,000 10,000 15,500 80% complete as to conversion) Units started in production 55,000 Direct materials costs 70,600 Direct labor costs 112,800 The company adonts a weighted-average method of process costing

MAJU Print Manufacturing Sdn. Bhd. Manufactures and sell high-technology printing press each year. During 2021, half of a million units were completed and transferred to finished goods inventory. On 31 December 2021, there were 15,000 units in work in process. These units were 50% complete as to conversion and 80% complete as to direct materials. Product costs are added to production throughout the manufacturing process and overhead is applied to each product at the rate of 60% of direct labor costs. There was no finished goods inventory on 1 January 2021. A review of the inventory cost records disclosed the following information: Costs Labor RM Units Materials RM Work in process, 1 January 2021 (100% complete to raw material and 10,000 10,000 15,500 80% complete as to conversion) Units started in production 55,000 Direct materials costs 70,600 Direct labor costs 112,800 The company adonts a weighted-average method of process costing

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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