Create cost of production report using fifo method

Assignment Help Accounting Basics
Reference no: EM133183274

Question - This month, the beginning inventory in the first processing department consisted of 1,500 units. The costs and percentage completion of these units in beginning inventory were:


Cost

Percent Complete

Materials costs

P48,000

60%

Labor costs

P32,000

50%

Applied factory overhead

P26,000

50%

A total of 8,500 units were started and 9,000 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

Materials costs P101,800

Labor costs P74,000

Applied factory overhead 68,000

The ending inventory was 70% complete with respect to materials and 60% complete with respect to labor and factory overhead costs.

Required - Create cost of production report using FIFO and weighted-average method with corresponding journal entries.

Reference no: EM133183274

Questions Cloud

Discuss the significance of taxes and its effect : Discuss the significance of taxes and its effect to current businesses, livelihood of people, the government and its citizens. Provide possible circumstances
What is the importance or significance of earning : What is the importance or significance of earning the degree and how will this degree assist you to reach your professional goals?
Compute the rate of return on the investment : Use the approximate yield formula to compute the rate of return on the investment in Part A and B, respectively. Show your steps to get partial credit
Explain the background of your business enterprise : Budgeting Policies and Projection - You and your fellow friends are managers in your business enterprise. Explain the background of your business enterprise
Create cost of production report using fifo method : The ending inventory was 70% complete with respect to materials and 60% complete with respect to labor. Create cost of production report using FIFO method
What is the cost of new common stock : Dividends are expected to grow at a constant rate of 10% per year. Flotation costs on the new issue will be P3.75 per share. What is cost of new common stock
Calculate the relevant cost for cases : The £1,000 does include £100 of overtime costs that will have to be paid if the order is accepted. Calculate the relevant cost for cases
Calculate the relevant cost for the specialist equipment : The original design costs for this type of window was £5,000 in 1998. Calculate the relevant cost for the specialist equipment
How much money has ms lawrence gained : Three years ago, Topanga Lawrence's mutual fund portfolio was worth $243,000. How much money has Ms. Lawrence gained in the last three years

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why you choose videos regarding federal reserve system

In the Discussion Forum, post articles, pictures, and or videos, and a explain why you chose that regarding the Federal Reserve System.

  Determine the appropriate way to report each situation

Eastern Manufacturing is involved with several situations that possibly involve contingencies. Determine the appropriate way to report each situation

  What is the cost of equity and WACC of firms

The cost of debt is 15%. Find out the value of the firm assuming tax of 35%, EBT level of 275 crore, What is the cost of equity and WACC of firms

  Calculate the holding period return

Calculate the holding period return for the following investment: After 18 months, Jack sells the bond at a $600 discount to their purchase price

  Determine the amount of payroll cost

A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of August.

  Compute the total annual carrying and ordering cost for eoq

The cost of placing an order is $150 per order. The cost of each camera is $10.50. Compute the total annual carrying and ordering cost for EOQ

  Explain the concept of present value and future value

Please explain the concept of Present Value and Future Value. Why would you think these calculations are important

  Should birch close the plant for two months

Birch Company normally produces and sells 48,000 units of RG-6 each month. The selling price is $30 per unit, Should Birch close the plant for two months

  Design three substantive audit procedures

Design three substantive audit procedures (other than analytical procedures) that will provide evidence of the completeness of sales

  Are there any income tax consequences to adam or his estate

Due to the negligence of the other driver, Adam's car is completely destroyed, and he is seriously injured. Two days later, Adam dies from injuries suffered in the accident.

  What is the cost of equity

The company has $100,000 in bonds outstanding that have an 8% coupon and pay interest annually. The bonds are selling at par value. What is the cost of equity

  Complete the june reconciliation

Complete the June 30, 2015, reconciliation. The May bank reconciliation showed check No. 748 for $229.00 and check No. 710 for $251.50

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd