Homework Help is Here – Start Your Trial Now!
Business
Accounting
Rockwood Industries manufactures wood furniture. In the Lamination Department, varnish is added when the goods are 60% complete as to overhead. The units that are spoiled during processing are found upon inspection at the end of production. Spoilage is considered discrete. Production Data for May 2021 Beginning inventory (80% complete as to labor, 70% complete as to overhead). ..2,000 units ..14,900 units Transferred in during the month. Ending inventory (40% complete as to labor, 20% complete as to overhead)... 3,000 units Normal Spoilage (found during final quality inspection). 200 units Abnormal Spoilage - found at 30% completion of direct labor and 15% of overhead; the sanding machine was misaligned and scarred the chairs).... 400 units P 15,020 P32,352 Prior Department Costs Varnish 14,030 Direct Labor 46,000 Overhead 113,564 P310,674 P343,026 Total Costs to Account for REQUIREMENT Prepare complete cost of production report using FIFO method containing the following: 1. Accounting for the physical flow of units 2. Equivalent units of production (EUP) 3. Costs, identifying the cost per equivalent unit 4. Cost Assignment, showing total cost to account and cost accounted for. All other units were transferred to finished goods. Cost Data for May 2021 Beginning work in process inventory: Prior Department Costs Varnish Direct Labor Overhead Current Period Costs: 1,900 4,388 11,044 P 137,080

Rockwood Industries manufactures wood furniture. In the Lamination Department, varnish is added when the goods are 60% complete as to overhead. The units that are spoiled during processing are found upon inspection at the end of production. Spoilage is considered discrete. Production Data for May 2021 Beginning inventory (80% complete as to labor, 70% complete as to overhead). ..2,000 units ..14,900 units Transferred in during the month. Ending inventory (40% complete as to labor, 20% complete as to overhead)... 3,000 units Normal Spoilage (found during final quality inspection). 200 units Abnormal Spoilage - found at 30% completion of direct labor and 15% of overhead; the sanding machine was misaligned and scarred the chairs).... 400 units P 15,020 P32,352 Prior Department Costs Varnish 14,030 Direct Labor 46,000 Overhead 113,564 P310,674 P343,026 Total Costs to Account for REQUIREMENT Prepare complete cost of production report using FIFO method containing the following: 1. Accounting for the physical flow of units 2. Equivalent units of production (EUP) 3. Costs, identifying the cost per equivalent unit 4. Cost Assignment, showing total cost to account and cost accounted for. All other units were transferred to finished goods. Cost Data for May 2021 Beginning work in process inventory: Prior Department Costs Varnish Direct Labor Overhead Current Period Costs: 1,900 4,388 11,044 P 137,080

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 2E: Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of...
See similar textbooks
icon
Related questions
icon
Concept explainers
Topic Video
Question
Rockwood Industries manufactures wood furniture. In the Lamination Department, varnish is added when the goods are 60% complete as to overhead. The units that are spoiled during processing are found upon inspection at the end of production. Spoilage is considered discrete. Production Data for May 2021 Beginning inventory (80% complete as to labor, 70% complete as to overhead). ..2,000 units ..14,900 units Transferred in during the month. Ending inventory (40% complete as to labor, 20% complete as to overhead)... 3,000 units Normal Spoilage (found during final quality inspection). 200 units Abnormal Spoilage - found at 30% completion of direct labor and 15% of overhead; the sanding machine was misaligned and scarred the chairs).... 400 units P 15,020 P32,352 Prior Department Costs Varnish 14,030 Direct Labor 46,000 Overhead 113,564 P310,674 P343,026 Total Costs to Account for REQUIREMENT Prepare complete cost of production report using FIFO method containing the following: 1. Accounting for the physical flow of units 2. Equivalent units of production (EUP) 3. Costs, identifying the cost per equivalent unit 4. Cost Assignment, showing total cost to account and cost accounted for. All other units were transferred to finished goods. Cost Data for May 2021 Beginning work in process inventory: Prior Department Costs Varnish Direct Labor Overhead Current Period Costs: 1,900 4,388 11,044 P 137,080
Transcribed Image Text:Rockwood Industries manufactures wood furniture. In the Lamination Department, varnish is added when the goods are 60% complete as to overhead. The units that are spoiled during processing are found upon inspection at the end of production. Spoilage is considered discrete. Production Data for May 2021 Beginning inventory (80% complete as to labor, 70% complete as to overhead). ..2,000 units ..14,900 units Transferred in during the month. Ending inventory (40% complete as to labor, 20% complete as to overhead)... 3,000 units Normal Spoilage (found during final quality inspection). 200 units Abnormal Spoilage - found at 30% completion of direct labor and 15% of overhead; the sanding machine was misaligned and scarred the chairs).... 400 units P 15,020 P32,352 Prior Department Costs Varnish 14,030 Direct Labor 46,000 Overhead 113,564 P310,674 P343,026 Total Costs to Account for REQUIREMENT Prepare complete cost of production report using FIFO method containing the following: 1. Accounting for the physical flow of units 2. Equivalent units of production (EUP) 3. Costs, identifying the cost per equivalent unit 4. Cost Assignment, showing total cost to account and cost accounted for. All other units were transferred to finished goods. Cost Data for May 2021 Beginning work in process inventory: Prior Department Costs Varnish Direct Labor Overhead Current Period Costs: 1,900 4,388 11,044 P 137,080
Expert Solution
steps

Step by step

Solved in 2 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS