Question: REQUIRED Prepare the Process Cost Report for Process 2 using the FIFO method. INFORMATION Trappers Ltd uses two processes to manufacture pens. The following details

REQUIRED

Prepare the Process Cost Report for Process 2 using the FIFO method.

INFORMATION

Trappers Ltd uses two processes to manufacture pens. The following details are applicable to Process 2 for July 2018:

Production details

Units

Units of incomplete work (opening)

64 000

(100% complete i.r.o. materials; 40% complete i.r.o. conversion costs)

Units received from the previous process

256 000

Units completed and transferred

192 000

Units of incomplete work (closing)

(100% complete i.r.o. materials; 60% complete i.r.o. conversion costs)

Details in connection with costs:

Incomplete work (opening)

1 024 000

Costs of previous process

806 400

Direct materials

140 800

Conversion costs

76 800

Costs incurred during July 2018:

2 201 600

Transferred from previous process

1 446 400

Direct materials

268 800

Conversion costs

486 400

3 225 600

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