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Part One Introduction to Strategy, Cost Management, and Cost Systems Required 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department.

Part One Introduction to Strategy, Cost Management, and Cost Systems Required 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department.

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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Part One Introduction to Strategy, Cost Management, and Cost Systems Required 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department.
Transcribed Image Text:Part One Introduction to Strategy, Cost Management, and Cost Systems Required 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department.
6-46 FIFO Method; Two Departments Bhatti Company produces plastic photo frames. Two depart- ments, molding and finishing, are involved in the manufacturing. The molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: January 1 January 31 Work-in-Process Inventory Quantity (pounds) Cost Quantity (pounds) Cost Molding department Finishing department None None 5,000 $15,000 2,000 ? The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end of January. Costs of production for January follow: Costs of Production Direct Materials Conversion $450,000 Molding department Finishing department $90,000 80,290 The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing.
Transcribed Image Text:6-46 FIFO Method; Two Departments Bhatti Company produces plastic photo frames. Two depart- ments, molding and finishing, are involved in the manufacturing. The molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: January 1 January 31 Work-in-Process Inventory Quantity (pounds) Cost Quantity (pounds) Cost Molding department Finishing department None None 5,000 $15,000 2,000 ? The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end of January. Costs of production for January follow: Costs of Production Direct Materials Conversion $450,000 Molding department Finishing department $90,000 80,290 The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing.
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