Question

In: Accounting

Using the Microsoft Excel, kindly prepare a cost production report under the FIFO Method. Paper Needs...

Using the Microsoft Excel, kindly prepare a cost production report under the FIFO Method.

Paper Needs Inc, has the following production data for the month of June 20xx.

DEPARTMENT I DEPARTMENT II
QUANTITY SCHEDULE Units Percentage of completion Units Percentage of completion
Work-in process, beginning 15,000 2/3 complete    9,000 1/3 complete
Transferred to next department 30,000 ?
Work-in process, end    5,000 2/5 complete    8,000 7/8 complete
COST ANALYSIS DEPARTMENT I DEPARTMENT II
Work-in process, beginning
Cost from preceding department
Costs from this department
Materials ₱16,290 ₱7,992
Labor                             6,630                          3,996
Overhead                             2,100                          2,664
Costs added this month
Materials ₱21,720 ₱61,272
Labor                           14,618                        46,620
Overhead                             5,068                        31,080

In Department I, all materials are added at the start of the process, while labor and overhead are applied evenly throughout the process.

In Department II, 50% of materials are added at the start of the process and the balance is added when the process is ¾ completed. Conversion costs are applied uniformly to the process.

Solutions

Expert Solution

Statement of equivalent production of Dept- 1
Particulars Units Particulars Units Material Labor Overhead
% Units % Units % Units
Opening WIP 15000 Transferred to D-2
Current Introduction 20000 From O/p WIP 15000 - - 1/3' 5000 1/3' 5000
From C.I 15000 100% 15000 100% 15000 100% 15000
30000
Closing WIP 5000 100% 5000 2/5' 2000 2/5' 2000
35000 35000 20000 22000 22000
Statement of cost per equivalent units of Dept-1
Element of cost Cost Units Cost per eq. units
Material $     21,720.00 20000 $       1.09
Labor $     14,618.00 22000 $       0.66
OH $        5,068.00 22000 $       0.23
$       1.98
Statement of evaluation of Dept-1
Cost of Closing WIP
Element of cost Units Cost/unit Cost
Material 5000 $                       1.09 $                              5,430.00
Labour 2000 $                       0.66 $                              1,328.91
OH 2000 $                       0.23 $                                  460.73
$                              7,219.64
Cost of Goods Transferred
Cost of Finished Goods( from current input) (15000 units*1.981) $      29,712.27
Cost of Opening WIP (incomplete) (16,920+6,630+2,100) $      24,920.00
Cost of completing opening wip:
Element of cost Units Cost/unit Cost
Material - - -
Labour 5000 $                       0.66 $                              3,322.27
OH 5000 $                       0.23 $                              1,151.82 $        4,474.09
$      59,106.36
Statement of equivalent production of Dept- 2
Particulars Units Particulars Units Material Labor overhead
% Units % Units % Units
Opening WIP 9000 Finished Goods
Transferred from 30000 From O/p WIP 9000 50% 4500 2/3' 6000 2/3' 6000
Dept-1 From Transfer 22000 100% 22000 100% 22000 100% 22000
Closing WIP 8000 100% 8000 7/8' 7000 7/8' 7000
39000 39000 34500 35000 35000
Statement of cost per equivalent units of Dept-2
Element of cost Cost Units Cost per eq. units
Material $     61,272.00 34500 $       1.78
Labor $     46,620.00 35000 $       1.33
OH $     31,080.00 35000 $       0.89
$       4.00
Statement of evaluation of Dept-2
Cost of Closing WIP
Element of cost Units Cost/unit Cost
Material 8000 $                       1.78 $                            14,208.00
Labour 7000 $                       1.33 $                              9,324.00
OH 7000 $                       0.89 $                              6,216.00
$                            29,748.00
Cost of Goods Transferred
Cost of Finished Goods( from current input) (22000 units * $ 4.00) $      87,912.00
Cost of Opening WIP (incomplete) ($ 7,992+ $ 3,996+ $ 2,664) $      14,652.00
Cost of completing opening WIP:
Element of cost Units Cost/unit Cost
Material 4500 $                       1.78 $                              7,992.00
Labor 6000 $                       1.33 $                              7,992.00
OH 6000 $                       0.89 $                              5,328.00 $      21,312.00
$   123,876.00

Related Solutions

Using the Microsoft Excel, kindly prepare a cost production report for Department I and Department II...
Using the Microsoft Excel, kindly prepare a cost production report for Department I and Department II using the Weighted Average Method. Paper Needs Inc, has the following production data for the month of June 20xx. DEPARTMENT I DEPARTMENT II QUANTITY SCHEDULE Units Percentage of completion Units Percentage of completion Work-in process, beginning 15,000 2/3 complete    9,000 1/3 complete Transferred to next department 30,000 ? Work-in process, end    5,000 2/5 complete    8,000 7/8 complete COST ANALYSIS DEPARTMENT I...
Prepare a cost of production report for the Machining Department for May using the FIFO method...
Prepare a cost of production report for the Machining Department for May using the FIFO method of costing. Phillips Company needs to prepare a cost of production report for the machining department. The follow data has been provided: 1. Work in process, May 1, had 90,000 units that were 40% completed and the following costs:    Direct materials       $72,720    Direct labor       $108,000    Overhead       $36,000 2. During the month of May, 180,000 units were completed and...
Discuss the steps used to prepare a production report under the FIFO and Weighted Average Cost...
Discuss the steps used to prepare a production report under the FIFO and Weighted Average Cost methods.
Prepare a production cost report using the weighted average method and show the journal entry for...
Prepare a production cost report using the weighted average method and show the journal entry for transferring units from the molding to the welding department. I think I have it done correctly, but would like to see! Work in process beginning:    Units in process 24,000    Stage of completion for materials 80%    Stage of completion for labor and overhead 30%    Costs in work in process inventory: Materials $172,460 Labor 68,900 Overhead 141,300    Total costs in beginning...
Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc. provides the following...
Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T): WIP inventory—Department T Beginning inventory (15,000 units, 60% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 116,000 Department T conversion costs 53,150 Current work (35,000 units started) Prior department costs 280,000 Department T costs 209,050 The ending inventory has 5,000 units, which...
FIFO METHOD – PRODUCTION REPORT (MUST SHOW CALCULATIONS OR NO CREDIT) The accounting and production records...
FIFO METHOD – PRODUCTION REPORT (MUST SHOW CALCULATIONS OR NO CREDIT) The accounting and production records for the company show the following information: Work in Process, June 1                                                                                                                             10,000 units (Direct materials 100% complete; labor & overhead 70% complete) Units started                                                                                                                                   60,000 units Work in Process, June 30                                                                                                          4,000 units (Direct materials 100% complete; labor & overhead 60% complete) SUMMARY OF COSTS – Work-in-Process Account: June 1, beginning inventory, materials                                                                                           $ 32,000 June 1, beginning inventory, labor & overhead                                                                         $ 36,000 June, added costs: materials...
Create a model for a production cost report using the weighted average method for the month...
Create a model for a production cost report using the weighted average method for the month of May. You should have an input area in which you put the department information for the month, and an output area that calculates the production cost report. Please include step by step directions(in a text box).After completion of the production cost report using the weighted average method, create a new worksheet and label the tab “FIFO”.  Create a production cost report using the same...
create a model for a production cost report using the weighted average method for the month...
create a model for a production cost report using the weighted average method for the month of May.   Following good Excel design techniques, you should have an input area in which you put the department information for the month, and an output area that calculates the production cost report. As always, you should have only formulas or references in your output area. You should also include directions (in a text box) for users. After completion of the production cost report...
Using Excel to Plot a Histogram This exercise is to be completed using Microsoft Excel and...
Using Excel to Plot a Histogram This exercise is to be completed using Microsoft Excel and will be turned in on Thursday, September 20th in class. You are to follow the steps we used in class on 9-13-2018 to construct the histogram for the data consisting of the ages of the 50 most powerful women in the world from 2012 (Source: Page 39 of textbook via Forbes Magazine). Your work should have columns for: 1. the raw data; 2. the...
Cost of Production Report: Average Cost Method Use the average cost method with the following data:...
Cost of Production Report: Average Cost Method Use the average cost method with the following data: Work in process, January 1, 7,000 units, 10% completed $45,080 Materials added during January from Weaving Department, 132,300 units 828,198 Direct labor for January 213,267 Factory overhead for January 167,967 Goods finished during January (includes goods in process, January 1), 129,500 units — Work in process, January 31, 9,800 units, 70% completed — Prepare a cost of production report for the Cutting Department of...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT