Question
In: Accounting
The company uses the FIFO method in its process costing system. Production data for the Mashing...
The company uses the FIFO method in its process costing system. Production data for the Mashing Department (first stage) for the month of January appears below:
Production data:
Units (gallons) in process, January 1 (materials 100% complete;
conversion 90% complete). . . . . . . . . . . . . . . . . . . . . . 20,000
Units started into production. . . . . . . . . . . . . . . . . . . . . . . . . . 390,000
Units in process, January 31 (materials 75% complete;
conversion 25% complete) . . . . . . . . . . . . . . . . . . . . . . 40,000
Cost data:
Work in process inventory, January 1:
Materials cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,000
Conversion cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,000
Cost added during the month:
Materials cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $495,000
Conversion cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $253,000
REQUIRED:
Prepare a FIFO production report for the Mashing Department for Windy City Brewing Co. for the month ended January 31, 2018.
Solutions
Expert Solution
| Statement of Equivalent production | |||||||
| Particulars | Direct Materials | %completion | Equivalent mat | Conversion | %completion | Equivalent Conv | Total |
| Opening WIP | 20,000.00 | 0% | - | 20,000.00 | 10% | 2,000.00 | |
| Units started and completed (390,000 - 40,000) | 350,000.00 | 100% | 350,000.00 | 350,000.00 | 100% | 350,000.00 | |
| ending WIP | 40,000.00 | 75% | 30,000.00 | 40,000.00 | 25% | 10,000.00 | |
| Equivalent Units | 380,000.00 | 362,000.00 | |||||
| Current Month Costs | 495,000.00 | 253,000.00 | 748,000.00 | ||||
| Cost per Equivalent units | 1.30 | 0.70 | |||||
| Ending WIP Units | 30,000.00 | 10,000.00 | |||||
| Cost of ending WIP | 39,078.95 | 6,988.95 | 46,067.90 | ||||
| Units transferred | 350,000.00 | 352,000.00 | |||||
| Cost incurred on units transferred | 455,921.05 | 246,011.05 | 701,932.10 | ||||
| Coststo Account for: | |||||||
| Opening WIP | - | ||||||
| CostsTransferred in | 748,000.00 | ||||||
| Total Coststo Account for | 748,000.00 | ||||||
| CostsAccounted for | |||||||
| Costscompleted and Transferred Out | 701,932.10 | ||||||
| Ending WIP | 46,067.90 | ||||||
| Total Costsaccounted for | 748,000.00 | ||||||
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