Question: INSTRUCTIONS: Using the Microsoft Excel, kindly prepare a cost production report under the FIFO Method. Also, use the following format: Font Name: Times New Roman
INSTRUCTIONS:
Using the Microsoft Excel, kindly prepare a cost production report under the FIFO Method.
Also, use the following format:
Font Name: Times New Roman
Font Size: 12
Paper Needs Inc, has the following production data for the month of June 20xx.
Department I Department II
Quantity Schedule Units Percentage of Completion Units Percentage of Completion
Work-in process, beginning 15,000 2/3 complete 9,000 1/3 complete
Transferred to next department 30,000 ?
Work - in process,end 5,000 2/5 complete 8,000 7/8 complete
Cost Analysis Department I Department II
Work-in process,beginning P18,000
Cost from preceding department
Cost from this department
Materials P16,290 P7,992
Labor 6,630 3,996
Overhead 2,100 2,664
Cost added this month
Materials P21,720 P61,272
Labor 14,618 46,620
Overhead 5,068 31,080
In Department I, all materials are added at the start of the process, while labor and overhead are applied evenly throughout the process.
In Department II, 50% of materials are added at the start of the process and the balance is added when the process is completed. Conversion costs are applied uniformly to the process.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help