PLease answer the problem below and do the requirements needed on the attached photos below. Thanks. Problem 12-4: Cost of Production Report- Second DepartmentPlata 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 additionalmaterial is added during the curing process. The following information isavailable for the Curing Department for May 2018:Production DataBeginning WIP InventoryTransferred In from MoldingEnding WIP InventoryTransferred Out to Finishing8,000 units40,000 units4,000 units Problem 12-4– Continued:Stage of Completion:Beginning WIPEnding WIP100%100%Transferred InDirect materialsDirect laborOverhead70%50%40%80%40%30%Cost DataBeginning WIPCurrent periodTransferred InDirect materialDirect laborOverheadP132,00049,92013,4407,160P640,000323,200171,20086,400Required: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 forMay 2018 using the FIFO method of process costing.Probl

Answered: Image /qna-images/answer/89d93222-65c7-435d-b903-079f4e380645.jpg

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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