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Seaside Company with increase in units. Seaside Company produces canned sea food products the processing...

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Accounting

Seaside Company with increase in units. Seaside Company produces canned sea food products the processing of which increases the units received from the preceding department by 20% because of the materials added at the beginning of the process. The following data were gathered for the second department for the month of March:

Units received 50,000 with a transferred in cost of $600,000.

Completed and transferred out 40,000

In process March 1 5,000 (all materials, 60% complete, preceding dept cost $30,000, materials $10,000 and $8,000 conversion)

In process March 31 25,000 (all materials, 80% complete)

Costs incurred in March $240,000 Materials and $285,000 Labor and Overhead

Required:

1. Production cost Report using Weighted Average

2. Production Cost Report using FIFO

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