Reference no: EM132596615

Petalite Exquisite Company extracts precious metals. Extracting and authenticating are the departments under review however Extracting has provided their process costing data. As the new Management Accountant, you are to analyze this data for your next Management meeting. Processing Output Data Work in process beginning: Units in process 15,000; Stage of completion for Conversion 40%; Work in process ending: Units in process 35,000; Stage of completion for labor and overhead 30%; Units started into production in January 140,000.

Beginning Work in process: $28,480;

Costs added to production:

Materials $168,000;

Labor 112,000 Overhead 74,000.

Additional Information:

Under assigning costs heading only, Petalite Exquisite Company identified an error, which showed the Production Manager used an increase of 0.017380618 to the beginning Work in process cost.

Instructions:

Question (a) Prepare production cost report for Petalite Exquisite Company using the FIFO method