The Company produces organic butter for sale. No direct materials other than milk are used. Production data
Question:
The Company produces organic butter for sale. No direct materials other than milk are used.
Production data for April are shown below:
April
Beginning Work in Process Inventory:
Units liters
Direct Materials Costs $
Conversion Costs $
Production during period:
Units started liters
Direct materials costs $
Conversion Costs $
Ending Work in Process Inventory:
Unites liters
The April Beginning Work in Process Inventory was complete for conversion costs;
The April Ending Work in Process Inventory was complete for conversion costs;
Assume that there was no loss from spoilage or evaporation.
Required:
Using the FIFO method, prepare a Process Cost Report for April with
a a schedule of equivalent production;
b a unit cost analysis schedule;
c a cost summary schedule;