Reference no: EM132561654
Shabbir Tiles & Ceramics Limited has a vast market for its products throughout Pakistan. It is considered as one of the top companies making variety of ceramics products. It operates three producing departments : Molding, Painting and Firing.
During the month of July, the Painting Department of STCL transferred 12400 units to the Firing Department. Other details related to Painting Department are as follows :
Units lost during production 500 units
Units in process :
Start of the month 2,400 units
End of the month 800 units
Units received from Molding Department are to be calculated with the help of above information.
The Painting Department incurred following cost during the month of July :
Material $5,886
Labor $7,830
Factory Overhead $1,134
The work in process inventory on July 01, 2017 was $6,656.
The cost transferred to the Painting Department from the Molding Department was $23,797.80.
The Painting Department work in process inventory was 75% complete on July 01 and 25% complete on July 31.
Required :
Question 1: Prepare Cost of Production Report for the Painting Department for August, 2017 using first-in, first-out method of accounting for beginning inventories.
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