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Problem 12-4- Continued: Ending WIP Beginning WIP 100% Stage of Completion: Transferred In Direct materials Direct labor Overhead 80% 40% 30% 100% 70% 50% 40% Cost Data Beginning WIP Current period Transferred In Direct material Direct labor Overhead P132,000 49,920 13,440 7,160 P640,000 323,200 171,200 86,400 Required: Compute the equivalent unit of production for direct materials, di- rect labor and overhead. e. Prepare a cost of production report for the Curing Department for May 2018 using the FIFO method of process costing

Problem 12-4- Continued: Ending WIP Beginning WIP 100% Stage of Completion: Transferred In Direct materials Direct labor Overhead 80% 40% 30% 100% 70% 50% 40% Cost Data Beginning WIP Current period Transferred In Direct material Direct labor Overhead P132,000 49,920 13,440 7,160 P640,000 323,200 171,200 86,400 Required: Compute the equivalent unit of production for direct materials, di- rect labor and overhead. e. Prepare a cost of production report for the Curing Department for May 2018 using the FIFO method of process costing

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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PLease answer the problem below and do the requirements needed on the attached  photos below. Thanks.

Problem 12-4: Cost of Production Report- Second Department Plata Company makes porcelain kitchen sinks in a process requiring op- erations in three separate departments: Molding, Curing, and Finishing. Materials are first introduced in the molding operation and additional material is added during the curing process. The following information is available for the Curing Department for May 2018: Production Data Beginning WIP Inventory Transferred In from Molding Ending WIP Inventory Transferred Out to Finishing 8,000 units 40,000 units 4,000 units
Transcribed Image Text:Problem 12-4: Cost of Production Report- Second Department Plata Company makes porcelain kitchen sinks in a process requiring op- erations in three separate departments: Molding, Curing, and Finishing. Materials are first introduced in the molding operation and additional material is added during the curing process. The following information is available for the Curing Department for May 2018: Production Data Beginning WIP Inventory Transferred In from Molding Ending WIP Inventory Transferred Out to Finishing 8,000 units 40,000 units 4,000 units
Problem 12-4– Continued: Stage of Completion: Beginning WIP Ending WIP 100% 100% Transferred In Direct materials Direct labor Overhead 70% 50% 40% 80% 40% 30% Cost Data Beginning WIP Current period Transferred In Direct material Direct labor Overhead P132,000 49,920 13,440 7,160 P640,000 323,200 171,200 86,400 Required: 1. Compute the equivalent unit of production for direct materials, di- rect labor and overhead. 2. Prepare a cost of production report for the Curing Department for May 2018 using the FIFO method of process costing. Probl
Transcribed Image Text:Problem 12-4– Continued: Stage of Completion: Beginning WIP Ending WIP 100% 100% Transferred In Direct materials Direct labor Overhead 70% 50% 40% 80% 40% 30% Cost Data Beginning WIP Current period Transferred In Direct material Direct labor Overhead P132,000 49,920 13,440 7,160 P640,000 323,200 171,200 86,400 Required: 1. Compute the equivalent unit of production for direct materials, di- rect labor and overhead. 2. Prepare a cost of production report for the Curing Department for May 2018 using the FIFO method of process costing. Probl
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