Cost AccountingGive the answer to the problem. What is the answer in numbers 1 and 2? Show solution/process. Problem no. 1Octavia Corp.'s products are manufactured in three separate departments: Molding, Curing, and Finishing.Materials are introduced in Molding; additional material is added in Curing. The following information isavailable for the Curing Department for May 2022:Beginning WIP Inventory (degree of completion: transferred in,100%; direct material, 80%; direct labor, 40%; overhead, 30%)Transferred in from MoldingEnding WIP Inventory (degree of completion: transferred in, 100%;direct material, 70%; direct labor, 50%; overhead, 40%)Transferred to FinishingCost ComponentTransferred inDirect materialDirect laborOverheadBI Cost$200,16042,50431,3604,8488,000 units40,000 units517,880267,8404,000 units? unitsCurrent Period Cost$1,620,000333,300Required:1. Prepare, in good form, a weighted average cost of production report for the Curing Department for May2022.2.Prepare, in good form, a First In First Out cost of production report for the Curing Department for May2022.

Production report can be called as the summary of all the costs that are incurred in the production…

Required: 1. Prepare, in good form, a weighted average cost of production report for the Curing Department for May 2022. 2. Prepare, in good form, a First In First Out cost of production report for the Curing Department for May 2022.

Required: 1. Prepare, in good form, a weighted average cost of production report for the Curing Department for May 2022. 2. Prepare, in good form, a First In First Out cost of production report for the Curing Department for May 2022.

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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Question

Cost Accounting Give the answer to the problem. What is the answer in numbers 1 and 2? Show solution/process.

Problem no. 1
Octavia Corp.'s products are manufactured in three separate departments: Molding, Curing, and Finishing.
Materials are introduced in Molding; additional material is added in Curing. The following information is
available for the Curing Department for May 2022:
Beginning WIP Inventory (degree of completion: transferred in,
100%; direct material, 80%; direct labor, 40%; overhead, 30%)
Transferred in from Molding
Ending WIP Inventory (degree of completion: transferred in, 100%;
direct material, 70%; direct labor, 50%; overhead, 40%)
Transferred to Finishing
Cost Component
Transferred in
Direct material
Direct labor
Overhead
BI Cost
$200,160
42,504
31,360
4,848
8,000 units
40,000 units
517,880
267,840
4,000 units
? units
Current Period Cost
$1,620,000
333,300
Required:
1. Prepare, in good form, a weighted average cost of production report for the Curing Department for May
2022.
2.
Prepare, in good form, a First In First Out cost of production report for the Curing Department for May
2022.

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