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.

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

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