The following information relates to the operations of LMN Company for the month of August 2018. Units
Fantastic news! We've Found the answer you've been seeking!
Question:
The following information relates to the operations of LMN Company for the month of August 2018.
Units
In process, Aug. 1 (40% complete)1,000
Received from Dept. 18,000
Completed & transferred8,200
In process, Aug. 31 (20% complete)800
CostsIn Process 8/1Cost-August
Cost from preceding dept.P13,500P 81,000
Materials9,00072,000
Conversion costs5,03683,580
Materials in this department are added 100% at the beginning of the process.
Requirement:
Prepare cost of production report using:
1) Average Method
2) FIFO Method
Prepare the necessary journal entries for each method.
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date: