Solution-How to make a cost of production report using fifo

How to make a cost of production report using fifo method

Assignment Help Cost Accounting

Reference no: EM132717326

The Following information is available for Aquaman Corporation for the month of February:

Started in Process units 320,000

WIP Beginning (40% Complete) 30,000

Normal Spoilage (discrete) 4,400

Abnormal Spoilage 3,600

WIP Ending (70% Complete) 52,000

Completed and Transferred Out 290,000

Cost Data:

WIP Beginning Cos:

Materials 41,600

Conversion 55,200

Current Cost:

Materials 480,000

Conversion 1,400,000

All materials are added at the start of the process and the inspection point is at the end of the process

Requirement:

Problem 1: Make a cost of production report using FIFO method and Average Method. (Use five decimal places to complete the unit cost)

Reference no: EM132717326

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How to make a cost of production report using fifo method

Reference no: EM132717326

Reference no: EM132717326

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