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Prepare the cost of production report

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Question - Lofer's Company produces a product that passes through two departments: Mixing and Direct Materials P20,000 Cooking. Both Departments use the weighted average cost system. In the Mixing Department, all direct materials are added at the beginning of the process. All other manufacturing inputs are added uniformly. The following information pertains to the mixing dept. for February:

a. Beg. WIP: 100,000 lbs. (100% materials; 40% complete conversion costs)

Direct Labor 10,000

Overhead 30,000

b. Ending WIP: 50,000 lbs. (100% complete materials; 60% complete conversion costs)

C. Units completed and transferred out: 370,000 Ibs.

The following costs were added during the month:

Direct Materials P211,000

Direct Labor 100,000

Overhead 270,000

Required -

1. Prepare the cost of production report that shows the physical flow of units, equivalent units of production, cost per equivalent units & cost reconciliation.

2. Repeat requirements using the FIFO method.

Reference no: EM133088044

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