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In: Accounting

Need parts 1 and 2 of this, plus work showing how it was done. Thank you!...

Need parts 1 and 2 of this, plus work showing how it was done. Thank you!

CASE 2 – COST OF PRODUCTION SUMMARY: WEIGHTED AVERAGE AND FIFO METHODS

The Company uses a single department production process. Materials are added at the start of the production process and labor and overhead are added as indicated. For January 2020, the Company records have the following information:

UNITS:
Beginning WIP: 10,000 units

100% complete for materials, 50% complete for labor; 3% complete for overhead

Units started in process 50,000 units

Units completed 49,000 units

Ending WIP: 11,000 units

100% complete for materials, 60% complete for labor; 20% complete for overhead

PRODUCTION COSTS:

Work in Process, Beginning of the Month:
Materials                                         $ 22,000
Labor                                                  18,000
Overhead                                            11,000             51,000

Current Month Costs:
Materials                                         $ 320,000
Labor                                                  180,160
Overhead                                            152,840           653,000

                                    Total Costs:                       $   704,000

REQUIRED:

Prepare a Cost of Production Summary using the weighted average method (calculations for equivalent units of production, cost per equivalent unit of production, total cost for units completed and WIP, ending). Prepare your calculations for Materials, Labor, and Overhead separately.

Prepare the appropriate journal entries at month end.

Prepare a Cost of Production Summary using the FIFO method (calculations for equivalent units of production, cost per equivalent unit of production, total cost for WIP, beginning, units started and completed and WIP, ending). Prepare your calculations for Materials, Labor, and Overhead separately.

Prepare the appropriate journal entries at month end.

You need to present your work in an excel spreadsheet and you need to create your own formatting (templates).

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ekkarill92 answered 2 years ago

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