n a single-process production system, Phunky Phingers produces wool gloves. For November, the company’s accounting records reflected the following Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor; 60% complete as to overhead 14,400 units Units started during the month 108,000 units Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) 24,000 units Cost Component November 1 During November Direct material $15,624 $108,000 Direct labor $2,290 $54,950 Overhead $5,563 $84,989 b. For November, prepare a cost of production report, assuming that the company uses the FIFO method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar.
n a single-process production system, Phunky Phingers produces wool gloves. For November, the company’s accounting records reflected the following Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor; 60% complete as to overhead 14,400 units Units started during the month 108,000 units Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) 24,000 units Cost Component November 1 During November Direct material $15,624 $108,000 Direct labor $2,290 $54,950 Overhead $5,563 $84,989 b. For November, prepare a cost of production report, assuming that the company uses the FIFO method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In a single-process production system, Phunky Phingers produces wool gloves. For November, the company’s accounting records reflected the following
Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor; 60% complete as to |
14,400 | units |
Units started during the month | 108,000 | units |
Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) | 24,000 | units |
Cost Component | November 1 | During November |
Direct material | $15,624 | $108,000 |
Direct labor | $2,290 | $54,950 |
Overhead | $5,563 | $84,989 |
b. For November, prepare a cost of production report, assuming that the company uses the FIFO method.
Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations.
Note: Other than costs per EUP, round all amounts to the nearest whole dollar.
![Phunky Phingers
Cost of Production Report (FIFO Method)
For the Month of November
Production Data:
Units
Beginning WIP inventory
Units started
Units to account for
Units
Material
Labor
Overhead
Beginning WIP Inventory (0%, 70%, 40%)
Started & completed
Ending WIP inventory (100%, 40%6, 80%)
Units accounted for
Cost Data:
Total
Material
Labor
Overhead
Beginning WIP Inventory
24
Current costs
$
$
$
Cost to account for
$
Divided by EUP
Cost per EUP
2$
Cost Assignment
Transferred out:
Beginning WIP Inventory
Complete beginning WIP
DL
он
$
Started & completed
$
Ending WIP Inventory:
Material
Direct labor
Overhead
24
Total cost accounted for
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c3838e8-ed25-48b2-b2c4-39824838f983%2F64b06d70-008f-4384-b7de-3d4b9b517c0e%2Fj2x1oe5_processed.png&w=3840&q=75)
Transcribed Image Text:Phunky Phingers
Cost of Production Report (FIFO Method)
For the Month of November
Production Data:
Units
Beginning WIP inventory
Units started
Units to account for
Units
Material
Labor
Overhead
Beginning WIP Inventory (0%, 70%, 40%)
Started & completed
Ending WIP inventory (100%, 40%6, 80%)
Units accounted for
Cost Data:
Total
Material
Labor
Overhead
Beginning WIP Inventory
24
Current costs
$
$
$
Cost to account for
$
Divided by EUP
Cost per EUP
2$
Cost Assignment
Transferred out:
Beginning WIP Inventory
Complete beginning WIP
DL
он
$
Started & completed
$
Ending WIP Inventory:
Material
Direct labor
Overhead
24
Total cost accounted for
$
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