Solution-Prepare cost of production report using fifo

Prepare cost of production report using fifo

Reference no: EM132633619

In a single-process production system, Pixie Corporation produces press-on fingernails. For October 2019, the company's accounting records reflected the following: Beginning work in process inventory: 6,000 units (100% complete as to materials; 30% complete as to direct labor; 60% complete as to overhead) Units started during the month 45,000 units Ending work in process inventory: 10,000 units (100% complete as to materials; 40% complete as to labor; 80% complete as to overhead) Cost Component Beginning Inventory

October Materials P6,510 P45.000

Labor 954 22,896

Overhead 2,318 35,412

Required:

Problem a. Prepare Cost of Production Report, using FIFO and Weighted average cost flow assumptions.

Problem b. Prepare journal entry to record the transfer of completed units to the next department.

Reference no: EM132633619

Questions Cloud

American national government : You the opportunity to explore topics that interest you and relate to United States government and the political processes we are discussing

Compute the amount of dividends for year : Whistler had net income of $157,000. Retained earnings were $447,000 at December 31, Year 2. Compute the amount of dividends for Year 2

The role of the government : Your choice has been brought to the future and you have been given the opportunity to talk with him about our federalist representative form of government.

Do you enjoy reading literature : Do you enjoy reading literature? Is there a story, book, or poem that you remember fondly, or that has really influenced you?

Prepare cost of production report using fifo : In a single-process production system, Pixie Corporation produces, Prepare Cost of Production Report, using FIFO and Weighted average cost flow assumptions.

Why is it important to identify commonalities across : Why is it important to identify commonalities across several studies with regard to study findings and the types of patients to which study findings can be appl

Discuss the possible tax classifications : An LLC with only one owner or an LLC with more than one owner. Discuss the possible tax classifications that are available to each type of entity

Impact of environmental degradation in the philippines : As an Engineer, present 5 Environmental Conservation Plan based on the observed impact of environmental degradation in the Philippines.

CIDM 6350 Data and Information Management Assignment : CIDM 6350 Data and Information Management Assignment Help and Solution, West Texas A & M University - Assessment Writing Service

User Account

All Pages

Prepare cost of production report using fifo

Reference no: EM132633619

Reference no: EM132633619

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT