Costs DataCost, In Process, May 1Cost from preceding departmentCost incurred this month:MaterialsConversionDept. 2AmountP 4,00010,50013,44018,700Dept. 3AmountP 2,000?9,0906,810Required:Prepare a cost of production report for Dept. 2 and 3 for the month of May using FIFO method. Show supportingcomputations for the missing items. The Kawilihan Manufacturing Inc. uses a process cost accounting system. The production data for the month of Mayshow the following:Physical UnitsIn process, May 1Stage of completionDept. 2In process, May 318,000Received from preceding department 42,000Stage of completion1/4Finished and transferred to next dept. ?5,00075%Dept. 34,0003/4??1,00040%In Dept. 2, materials are applied as follows: 40% at the start of the process; 20% when the process reaches midpoint;and the balance at the end of the process.In Dept. 3, 25% of the materials is applied at the start of the process; 45% when the process reaches 3/4 completion;and the balance at the end. Both departments apply conversion costs uniformly throughout the process.

Process costing is used in preparing a production cost report. A production cost report concludes…

The Kawilihan Manufacturing Inc. uses a process cost accounting system. The production data for the month of May show the following: Physical Units In process, May 1 Stage of completion Received from preceding department In process, May 31 Dept. 2 Stage of completion 8,000 1/4 Finished and transferred to next dept. ? 42,000 5,000 75% Dept. 3 4,000 3/4 ? ? 1,000 40% In Dept. 2, materials are applied as follows: 40% at the start of the process; 20% when the process reaches midpoint; and the balance at the end of the process. In Dept. 3, 25% of the materials is applied at the start of the process; 45% when the process reaches 3/4 completion; and the balance at the end. Both departments apply conversion costs uniformly throughout the process.

The Kawilihan Manufacturing Inc. uses a process cost accounting system. The production data for the month of May show the following: Physical Units In process, May 1 Stage of completion Received from preceding department In process, May 31 Dept. 2 Stage of completion 8,000 1/4 Finished and transferred to next dept. ? 42,000 5,000 75% Dept. 3 4,000 3/4 ? ? 1,000 40% In Dept. 2, materials are applied as follows: 40% at the start of the process; 20% when the process reaches midpoint; and the balance at the end of the process. In Dept. 3, 25% of the materials is applied at the start of the process; 45% when the process reaches 3/4 completion; and the balance at the end. Both departments apply conversion costs uniformly throughout the process.

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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