Materials 100% complete, conversion cost 40% complete Materials 100% complete, conversion cost 20% complete arted in process during the period its completed and transferred to the next department its completed and transferred to finished goods inventory ork in process inventory, end: Materials 100% complete, conversion cost 60% complete Materials 100% complete, conversion cost 30% complete 4,000 6,000 40,000 34,000 38,000 10,000 2,000 sts: sts of beginning work in process inventory transferred in 40,000 sts of beginning work in process inventory from this dept. Materials 14,000 15,840 29,840 12,000 13,520 25,520 Conversion costs Total st added during the period: Materials Conversion costs tal 140,000 140,160 280,160 80,000 110,000 190,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Assume the following data of ABC Corporation for the month of January, 2017

Requirement:

Prepare cost of production report using FIFO and Average Method for Department 1 and Department 2.

Department 1
Department 2
Units:
Work in process inventory, beginning:
Materials 100% complete, conversion cost 40% complete
Materials 100% complete, conversion cost 20% complete
4,000
6,000
Started in process during the period
Units completed and transferred to the next department
Units completed and transferred to finished goods inventory
Work in process inventory, end:
40,000
34,000
38,000
Materials 100% complete, conversion cost 60% complete
Materials 100% complete, conversion cost 30% complete
10,000
2,000
Costs:
Costs of beginning work in process inventory transferred in
Costs of beginning work in process inventory from this dept.
40,000
Materials
Conversion costs
Total
14,000
15,840
29,840
12,000
13,520
25,520
Cost added during the period:
Materials
Conversion costs
140,000
140,160
280,160
80,000
110,000
190,000
Total
Transcribed Image Text:Department 1 Department 2 Units: Work in process inventory, beginning: Materials 100% complete, conversion cost 40% complete Materials 100% complete, conversion cost 20% complete 4,000 6,000 Started in process during the period Units completed and transferred to the next department Units completed and transferred to finished goods inventory Work in process inventory, end: 40,000 34,000 38,000 Materials 100% complete, conversion cost 60% complete Materials 100% complete, conversion cost 30% complete 10,000 2,000 Costs: Costs of beginning work in process inventory transferred in Costs of beginning work in process inventory from this dept. 40,000 Materials Conversion costs Total 14,000 15,840 29,840 12,000 13,520 25,520 Cost added during the period: Materials Conversion costs 140,000 140,160 280,160 80,000 110,000 190,000 Total
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education