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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 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.

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 $
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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