COST ACCOUNTING CASE 2-COST OF PRODUCTION SUMMARY: WEIGHTED AVERAGE AND FIFO The Company uses a...
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COST ACCOUNTING CASE 2-COST OF PRODUCTION SUMMARY: WEIGHTED AVERAGE AND FIFO The Company uses a single department production process. Materials are added at the start of the production process and labor and overhead are added as indicated. The Company records have the following information for the month of November UNITS: 12,000 units 40,000 units 44,000 units 8,000 units Beginning WIP: 2/3 complete for labor; 1/3 complete for overhead Units started in process Units completed Ending WIP: 50% complete for labor, 25% complete for overhead PRODUCTION COSTS Work in Process, Beginning of the Month: Materials Labor Overhead $32,000 20,000 9400 61,400 Current Month Costs: Materials Labor Overhead $ 280,000 160,000 147.000 587000 Total Costs: S 648,400 REQUIRED Prepare a Cost of Production Summary using the weighted average method. Also, prepare the appropriate journal entry to transfer completed goods at month end I. Prepare a Cost of Production Summary using the FIFO method. Also, prepare the appropriate journal entry to transfer completed goods at month end 2
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