Topic: Average and FIFO Costing

Cost Accounting Problem 5 15,000 - 250,000 Auto Novelties, Inc. manufactures a small rabot that can be moved around by control. It can be used as a novelty to serve food and drinks to guests, and with special attachment it can vacuum the carpet. The materials are all added the beginning of the Assembly Operation (the first operation). Labor and overhead added uniformly during the month.. Data for the month of July in the Assembly The inventory of work in process on July 1 was complete as to materials but only 23 complete as to labor and overhead. On July 31, the inventory consisted of 20.01 Operation are given as follow Units Work in process, July 1 Units started in process Costs Work in process, July 1 Materials Labor and overhead July costs: Materials Labor and overhead units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Total costs of units completed ad transferred 4. Total costs of units in process, end P - 210.000 60,000 3,500,000 1,458,000