The Mixing Department of Ashley Paint Company works on a paint dye processed in the Pigment...
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The Mixing Department of Ashley Paint Company works on a paint dye processed in the Pigment Department. At 50% conversion, the Mixing Department adds a liquid latex base which will have the effect of increasing the quantity (volume) of output by the same quantity of latex base added. Latex is added at one gallon per five gallons worked on. Each gallon of latex costs $12.50. All other materials are added at the start of the process. Additional production data follows: Work in Process, beginning Received from Pigment Department Work in Process, ending 900 gallons (30% conversion) 2,300 gallons 1,800 gallons (50% conversion) Costs Cost from preceding department Materials (other than latex) Conversion in WIP, beg. Current 12,000 16,940 10,980 1,532 1,692 171 Assuming FIFO, prepare the Cost of Production Report. The Mixing Department of Ashley Paint Company works on a paint dye processed in the Pigment Department. At 50% conversion, the Mixing Department adds a liquid latex base which will have the effect of increasing the quantity (volume) of output by the same quantity of latex base added. Latex is added at one gallon per five gallons worked on. Each gallon of latex costs $12.50. All other materials are added at the start of the process. Additional production data follows: Work in Process, beginning Received from Pigment Department Work in Process, ending 900 gallons (30% conversion) 2,300 gallons 1,800 gallons (50% conversion) Costs Cost from preceding department Materials (other than latex) Conversion in WIP, beg. Current 12,000 16,940 10,980 1,532 1,692 171 Assuming FIFO, prepare the Cost of Production Report.
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To prepare the Cost of Production Report using the FIFO method we need to calculate the equivalent units of production for materials and conversion co... View the full answer
Related Book For
Cost management a strategic approach
ISBN: 978-0073526942
5th edition
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
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