Mt. Palomar Manufacturing Co. uses a process cost system. Its manufacturing operation is carried on in two
Question:
Production statistics for July show the following data:
Required:
1. Prepare a cost of production summary for each department. (Round unit costs to three decimal places.)
2. Which department will have an easier time determining how its unit costs compare from month to month? Why?
Transcribed Image Text:
Machining Finishing Units in procoss, July 1 (all material, 40% of labor and overhead) . 20,000 Units in process, July 1 (all material, 80% of labor and overhead). . 40,000 140,000 Units completed and transferred . . . . . . . .. 100,000 100,000 Units completed and transferred to Units in process, July 31 (all materia Units in process, July 31 (all material, finished goods 60% of labor and overhead). 40% of labor and overhead) 100,000 40,000 . 40,000 20,000 Production Costs Work in process, July 1: Machining Finishing $110,000 60,000 40,000 240,000 Machining Finishing $40,000 24,000 8,000 Materials . . . Labor . Costs in Machining Department Production Costs Costs incurred during month: $280,000 180,000 60,000 $240,000 160,000 80,000 Materials Labor
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1 Mt Palomar Manufacturing Company Cost of Production SummaryMachining Department Weighted Average Cost Method For the Month Ended July 31 20 Cost of work in process beginning of month Materials 40000 ...View the full answer
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Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
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