Seaside Company with increase in units. Seaside Company produces canned sea food products the processing of...

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Seaside Company with increase in units. Seaside Company produces canned sea food products the processing of which increases the units received from the preceding department by 20% because of the materials added at the beginning of the process. The following data were gathered for the second department for the month of March: Units received Completed and transferred out 40,000 In process March 1 50,000 with a transferred in cost of $600,000. 5,000 (all materials, 60% complete, preceding dept cost $30,000, materials $10,000 and $8,000 conversion) In process March 31 Costs incurred in March 25,000 (all materials, 80% complete) $240,000 Materials and $285,000 Labor and Overhead Required: 1. Production cost Report using Weighted Average 2. Production Cost Report using FIFO Seaside Company with increase in units. Seaside Company produces canned sea food products the processing of which increases the units received from the preceding department by 20% because of the materials added at the beginning of the process. The following data were gathered for the second department for the month of March: Units received Completed and transferred out 40,000 In process March 1 50,000 with a transferred in cost of $600,000. 5,000 (all materials, 60% complete, preceding dept cost $30,000, materials $10,000 and $8,000 conversion) In process March 31 Costs incurred in March 25,000 (all materials, 80% complete) $240,000 Materials and $285,000 Labor and Overhead Required: 1. Production cost Report using Weighted Average 2. Production Cost Report using FIFO

Answer rating: 100% (QA)

To prepare the Production Cost Reports using both the Weighted Average method and the FIFO method well need to calculate the equivalent units of production and then allocate the costs to these equival... View the full answer