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Prepare a Production Cost Report under the FIFO method and answer the following:

Prepare a Production Cost Report under the FIFO method and answer the following:

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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WIN COMPANY The company manufactures a specialized product in Department 1 which it transfers to Department 2 where material is added at the end of the process. A normal loss occurs early in the processing. April production and cost data for Department 2 are as follows: Production record (in units): In process, April 1-75% complete for processing cost Received from Department 1 Completed and transferred to finished goods Lost in processing (normal) In process, April 30-2/3 complete for processing cost Cost Record: Work in process inventory, April 1 for the 4,000 units: Preceding department cost This department cost Cost from preceding department during April This department Material cost for April 4,000 20,000 16,000 2,000 6,000 P 620 2,000 P2,620 3,600 4,800 10,200 This department Processing cost for April Prepare a Production Cost Report under the FIFO method and answer the following:
Transcribed Image Text:WIN COMPANY The company manufactures a specialized product in Department 1 which it transfers to Department 2 where material is added at the end of the process. A normal loss occurs early in the processing. April production and cost data for Department 2 are as follows: Production record (in units): In process, April 1-75% complete for processing cost Received from Department 1 Completed and transferred to finished goods Lost in processing (normal) In process, April 30-2/3 complete for processing cost Cost Record: Work in process inventory, April 1 for the 4,000 units: Preceding department cost This department cost Cost from preceding department during April This department Material cost for April 4,000 20,000 16,000 2,000 6,000 P 620 2,000 P2,620 3,600 4,800 10,200 This department Processing cost for April Prepare a Production Cost Report under the FIFO method and answer the following:
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