Answered: Required: Prepare the cost of…

Business

Accounting

Required: Prepare the cost of production report for the two departments.

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

Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS

The ICT Manufacturing Corp. has its product processed in Depatments M and P. The

production data for March are given below:

Department M Department P

Quantity data:

WIP, beg 5,000 8,000

Stage of Completion 1/5 3⁄4

Units placed in process 30,000

Units transferred out ? 30,000

WIP, end 7,000 ?

Stage of Completion 2/7 2/5

Cost data:

WIP, beg P750 P9,481.44

Factory costs:

Materials 17,400 7,920

Direct labor 8,990 3,960

Factory overhead 3,480 2,640

Required: Prepare the cost of production report for the two departments.

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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