Q1. ABC Company produces one product through two stages of productions; the manufacturing and the...
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Q1. ABC Company produces one product through two stages of productions; the manufacturing and the assembly. Two DM are added during the manufacturing stage; DM A is added at the beginning of the process, and DM B is added at the 75% of completion. Conversion cost is added gradually. The following is data for cost and production during 2020: Data Beginning inventory (60%). Added units Ending Inventory (80%) Units 20,000 80,000 25,000 DM A $160,000 $680,000 DM B $0 $300,000 CC $60,000 $435,750 Required: 1. Prepare the stage report for the manufacturing stage using, a) WA, and B) FIFO 2. Journalize the required entry to transfer the completed units and prepare the ledger of the manufacturing stage
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