Cost accounting The Company uses a single department production...
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Accounting
Cost accounting
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 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 12,000 units 40,000 units 44,000 units 8,000 units Work in Process, Beginning of the Month: Materials Labor Overhead S 32,000 20,000 9.400 61,400 Current Month Costs s 280,000 Materials Labor Overhead 160,000 147000 587.000 Total Costs: S 648,400 REQUIRED: 1. Prepare a Cost of Production Summary using the weighted average method. Also, prepare the appropriate journal entry to transfer completed goods at month encd 2. Prepare a Cost of Production Summary using the FIFO method. Also, prepare the appropriate journal entry to transfer completed goods at month end
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