Tantum Pty Ltd ("Tantum") manufactures rubber raw material (a single product) that is sold to other companies that further process it to their specifications. Tantum uses a process costing system. Tantum has a 31 December year-end. Tantum recorded the following information for the month of December 2021: Units Opening work in progress (opening WIP") (01 December.): 40% complete: 10 000 Closing work in progress ("closing WIP") (31 December.) 70% complete 15 000 New units put into production in December 2021 120 000 Completed in December 2021 90 000 Additional information: Raw materials are added at the beginning of the process and conversion takes place evenly throughout the process. Normal losses are estimated at 6% of the units that reach/pass the wastage point. Normal losses occur when the process is 75% complete. Tantum uses the First-In-First-Out (FIFO) method of inventory valuation. The cost information as as follows: R Opening WIP Raw materials 75 000 Conversion 17 200 Added during December 2021 Raw materials 950 200 Conversion 520 185 (a) Prepare Tantum's quantity statement for the month of December 2021. (b) Prepare Tantum's production cost statement for the month of December 2021.

Tantum Pty Ltd ("Tantum") manufactures rubber raw material (a single product) that is sold to other companies that further process it to their specifications. Tantum uses a process costing system. Tantum has a 31 December year-end. Tantum recorded the following information for the month of December 2021: Units Opening work in progress (opening WIP") (01 December.): 40% complete: 10 000 Closing work in progress ("closing WIP") (31 December.) 70% complete 15 000 New units put into production in December 2021 120 000 Completed in December 2021 90 000 Additional information: Raw materials are added at the beginning of the process and conversion takes place evenly throughout the process. Normal losses are estimated at 6% of the units that reach/pass the wastage point. Normal losses occur when the process is 75% complete. Tantum uses the First-In-First-Out (FIFO) method of inventory valuation. The cost information as as follows: R Opening WIP Raw materials 75 000 Conversion 17 200 Added during December 2021 Raw materials 950 200 Conversion 520 185 (a) Prepare Tantum's quantity statement for the month of December 2021. (b) Prepare Tantum's production cost statement for the month of December 2021.

Name: Tantum Pty Ltd ("Tantum") manufactures rubber raw material (a single
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Description: Tantum Pty Ltd ("Tantum") manufactures rubber raw material (a single product) that is sold to othercompanies that further process it to their specifications. Tantum uses a process costing system. Tantumhas a 31 December year-end.Tantum recorded the

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 help me with show all calculation thanku