Solution-Prepare a cost of production report using FIFO

Prepare a cost of production report using FIFO costing

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Reference no: EM132781201

Problem - The following information relates to the operations of XXX Company for the month of May 2019 (Assume that materials are added at the beginning of the process):

Units
	In process, Aug 1 (40% complete)	1,000
	Received from Dept. 1	8,000
	Completed & transferred	8,200
	In process, Aug 31 (20% complete)	800
Cost
	May 1	May 31
Cost from preceding department	P13,500	P81,000
Materials	P9,000	P72,000
Conversion costs	P5,036	P83,580

Required -

1. Prepare a cost of production report using FIFO costing.

2. Prepare a cost of production report using Average costing.

Reference no: EM132781201

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