FIFO Method, Single Department Analysis, One Cost Category Hatch Company produces a product that passes through...

FIFO Method, Single Department Analysis, One Cost Category

Hatch Company produces a product that passes through three processes: Fabrication, Assembly, and Finishing. All manufacturing costs are added uniformly for all processes. The following information was obtained for the Fabrication Department for June:

Work in process, June 1, had 90,000 units (40 percent completed) and the following costs:

Direct materials $72,740

Direct labor 109,000

Overhead 36,000
During the month of June, 180,000 units were completed and transferred to the Assembly Department, and the following costs were added to production:

Direct materials $198,000

Direct labor 144,000

Overhead 162,000
On June 30, there were 45,000 partially completed units in process. These units were 80 percent complete.

Required:

Prepare a cost of production report for the Fabrication Department for June using the FIFO method of costing. Round the cost per equivalent unit to the nearest cent.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Problem 6.33 - Weighted Average Method, Single Department Analysis, Uniform Costs Hatch Company produces a product...

Problem 6.33 - Weighted Average Method, Single Department Analysis, Uniform Costs Hatch Company produces a product that passes through three processes: Fabrication, Assembly, and Finishing. All manufacturing costs are added uniformly for all processes. The following information was obtained for the Fabrication Department for December: Work in process, June 1, had 90,000 units (40 percent completed) and the following costs: Direct materials $ 72,720 Direct labor $ 108,000 Overhead $ 36,000 During the month of June, 180,000 units were completed...

Company produces a product that passes through two departments: Department 1 and Department 2. Test Company...

Company produces a product that passes through two departments: Department 1 and Department 2. Test Company determines product cost using a normal cost system. The company applies overhead using departmental overhead rates. Overhead in Department 1 is applied based on machine hours. Overhead in Department 2 is applied based on direct labor hours. The company prepared the following estimates at the beginning of the year. Department 1 Department 2 Total Prime cost $375,000 $700,000 $1,075,000 Overhead cost $420,000 $240,000 $660,000...

Test Company produces a product that passes through two departments: Department 1 and Department 2. Test...

Test Company produces a product that passes through two departments: Department 1 and Department 2. Test Company determines product cost using a normal cost system. The company applies overhead using departmental overhead rates. Overhead in Department 1 is applied based on machine hours. Overhead in Department 2 is applied based on direct labor hours. The company prepared the following estimates at the beginning of the year. Department 1 Department 2 Total Prime cost $375,000 $700,000 $1,075,000 Overhead cost $420,000 $240,000...

Test Company produces a product that passes through two departments: Department 1 and Department 2. Test...

Test Company produces a product that passes through two departments: Department 1 and Department 2. Test Company determines product cost using a normal cost system. The company applies overhead using a plant-wide rate based on machine hours. The company prepared the following estimates at the beginning of the year. Department 1 Department 2 Total Prime cost $375,000 $700,000 $1,075,000 Overhead cost $420,000 $240,000 $660,000 Direct labor hours 16,000 50,000 66,000 Machine hours 100,000 20,000 120,000 During the year, Test Company...

Peaceful Ltd. manufactures a single product, which passes through the Forming Department and Packing Department. Manufacturing...

Peaceful Ltd. manufactures a single product, which passes through the Forming Department and Packing Department. Manufacturing begins in the Forming Department. All units are then transferred to Packing Department. In the Packing Department, further materials are added and processed until completion, and transferred to the finished goods inventory. Overhead is allocated on the basis of 140% of direct labour cost. Work in process in the Packing Department on 1 Aug was 90,000 units (Materials : 40% complete; Conversion : 60%...

FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that...

FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...

FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 70,400 units, 40 percent complete with respect to conversion costs. Ending work in process had 12,200 units, 25 percent complete with respect to conversion costs. Started in process, 96,600 units. Required: 1....

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 71,200 units, 40 percent complete with respect to conversion costs. Ending work in process had 13,400 units, 20 percent complete with respect to conversion costs. Started in process, 101,200 units. Required: 1....

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 74,900 units, 40 percent complete with respect to conversion costs. Ending work in process had 19,600 units, 35 percent complete with respect to conversion costs. Started in process, 109,100 units. Required: 1....

Subjects