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

REQUIRED

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

INFORMATION

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

Production details

Units

Units of incomplete work (opening)

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

16 000

Units received from the previous process

64 000

Units completed and transferred

48 000

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):

256 000

Costs of previous process

201 600

Direct materials

35 200

Conversion costs

19 200

Costs incurred during March 2018:

550 400

Transferred from previous process

361 600

Direct materials

67 200

Conversion costs

121 600

806 400

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