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WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor, 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material, 40% complete as to direct labor, 80% complete as to overhead) Cost Component November 1 During November Direct material $108.000 Direct labor Overhead i Part A Part B $15,624 2,290 5,563 54,950 84,989 14,400 units 108,000 units 24,000 units

WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor, 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material, 40% complete as to direct labor, 80% complete as to overhead) Cost Component November 1 During November Direct material $108.000 Direct labor Overhead i Part A Part B $15,624 2,290 5,563 54,950 84,989 14,400 units 108,000 units 24,000 units

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Production Data: Beginning WIP inventory Units started Units to account for Beginning WIP Inventory Started & completed Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out Ending inventory: Material Direct labor Overhead Total cost accounted for Production Data: Beginning WIP inventory Units started Units to account for Phunky Phingers Cost of Production Report (WA Method) For the Month of November Units Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out Beginning WIP Inventory (0%, 70%, 40%) Started & completed Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Beginning WIP Inventory Complete beginning WIP Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out: DL OH Phunky Phingers Cost of Production Report (FIFO Method) For the Month of November Units S S Started & completed Ending WIP Inventory: Material Direct labor Overhead Total cost accounted for S Beginning WIP Inventory. Complete beginning WIP Units $ Total $ S $ $ Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Units Total b. For November, prepare a cost of production report, assuming that the company uses the FIFO method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar. Material Material $ $ $ $ $ S Material Material $ Total $ $ $ $ $ Labor Overhead Labor Overhead $ $ $ $ $ $ $ $ $ Labor Overhead Material Labor $ Overhead $ $ $ $ Labor Overhead $ $
Transcribed Image Text:Production Data: Beginning WIP inventory Units started Units to account for Beginning WIP Inventory Started & completed Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out Ending inventory: Material Direct labor Overhead Total cost accounted for Production Data: Beginning WIP inventory Units started Units to account for Phunky Phingers Cost of Production Report (WA Method) For the Month of November Units Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out Beginning WIP Inventory (0%, 70%, 40%) Started & completed Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Beginning WIP Inventory Complete beginning WIP Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out: DL OH Phunky Phingers Cost of Production Report (FIFO Method) For the Month of November Units S S Started & completed Ending WIP Inventory: Material Direct labor Overhead Total cost accounted for S Beginning WIP Inventory. Complete beginning WIP Units $ Total $ S $ $ Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Units Total b. For November, prepare a cost of production report, assuming that the company uses the FIFO method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar. Material Material $ $ $ $ $ S Material Material $ Total $ $ $ $ $ Labor Overhead Labor Overhead $ $ $ $ $ $ $ $ $ Labor Overhead Material Labor $ Overhead $ $ $ $ Labor Overhead $ $
WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following: Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor, 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor, 80% complete as to overhead) Cost Component November 1 During November Direct material $108,000 Direct labor 54,950 Overhead 84,989 Part A Part B $15,624 2,290 5.563 14,400 units 108,000 units 24,000 units
Transcribed Image Text:WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following: Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor, 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor, 80% complete as to overhead) Cost Component November 1 During November Direct material $108,000 Direct labor 54,950 Overhead 84,989 Part A Part B $15,624 2,290 5.563 14,400 units 108,000 units 24,000 units
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