Reference no: EM132567318
All-win Engineering limited uses Process Costing system. Following data is available for Department:-1 for the month of May, 2020:
Quantitative data:
Beginning work in process inventory .......................................... 5,000 units
Units put into process during the month ....................................... 55,000 units
Units completed and transferred to department: 2 during the month ....... 52,000 units
Units in work in process closing inventory at month end ................... 5,000 units
Cost data:
Units in beginning work-in-process inventory contains Cost, as follows:
Direct materials......................................................................................... Rs 36,000
Direct labor............................................................................................... 38,000
Factory overhead....................................................................................... 42,000
Costs added during the month are as follows:
Direct materials consumed ...................................................... Rs280,400
Direct labor incurred ............................................................. 321,125
Factory overhead applied ....................................................... 339,225
Other statistical data:
Work in process opening inventory is completed 75% as per direct material and 60% as per conversion cost.
Work in process closing inventory is completed 80% as per direct material and 65% as per conversion cost.
All losses are normal and occurred at the beginning of the month.
Required:
Question 1: Construct the Cost of Production Report for Department: 1 for the month of May, 2020, if company uses "Weighted Average costing system".
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