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Prepare an october cost of production report

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Question - Lilliputian inc. produces dog food. all direct material is entered at the beginning of the process.

Some shrinkage occurs during the production process, but management considers any shrinkage of less than 8% to be normal. October 2010 data are as follows:

Beginning WIP inventory (45% complete as to conversion) 36,000 pounds

Started during the month 120,000 pounds

Transferred to FG inventory 126,000 pounds

Ending WIP inventory (15% complete as to conversion) 21,600 pounds

The following costs are associated with October production:

Beginning WIP inventory:

material 14,000

Conversion 10,800 24,800

current period:

Material 39,060

Conversion 33,912 72,972

Total cost to account for 97,772

Required - Prepare an October 2010 cost of production report for Lilliputian Inc. using FIFO process costing.

Reference no: EM131773448

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