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Information for the Nichols Manufacturing Company for the month of May is as follows: Beginning work...

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Accounting

Information for the Nichols Manufacturing Company for the monthof May is as follows: Beginning work in process: Cost of Inventoryat process, May 1 $5,010 Units, 800 Direct materials, 100% completeConversion costs, 70% complete Units started in May, 14,000 Endingwork in process inventory: Costs charged to Work in Process duringMay : Units, 1,500 Direct materials costs, $57,400 Directmaterials, 100% complete Direct labor costs, $20,049 Conversioncosts, 30% complete Factory overhead costs, $30,073 Prepare a costof production report for the month of May, using the FIFO method.Round your cost per equivalent unit amounts to two decimal places.Round all other amounts to the nearest dollar. If an amount is zeroenter answer as "0".

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3.6 Ratings (422 Votes)
Production Cost Report sample Working is given after the report Physical Units Direct Material Conversion Cost Labor cost Overhead Flow of Units Units to be accounted for Beginning WIP inventory 800 Units started this period 14000 Total Units to account for 14800 Units accounted for Completed Transferred out From Beginning WIP Inventory 800 Direct Material Conversion Cost Labor cost Overhead 240 Started Completed currently 12500 12500 12500 Units in Ending WIP Inventory 1500 Direct    See Answer
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