Dulang Sdn. Bhd. is a manufacturer that uses the First in First out (FIFO) process costing method to account for costs of production. It produces a baking tray in the two processing department, Molding and Finishing. The following information was obtained for the Molding Department for the month of June 2022. Work in process on 1 June 2022 had 10,000 units made up of the following information: Cost Data : Amount (RM) Required: During June 2022, 50,000 units were started in Molding Department and incurred the following costs; a) Direct materials Direct labor Manufacturing overhead i. Cost Data : ii. Direct materials Direct labor Manufacturing overhead At the end of June 2022, 20,000 units were still in process and degree of completion of work in process inventory was direct material; 90 percent, direct labor and manufacturing overhead; 70 percent. 8,000 2,800 2,840 Degree of Completion 100% 60% 60% Prepare the production cost report for the month ended 30 June 2022. The report should show; Equivalent units of production. Cost per equivalent unit. Amount (RM) 38,400 14,000 20,860
Dulang Sdn. Bhd. is a manufacturer that uses the First in First out (FIFO) process costing method to account for costs of production. It produces a baking tray in the two processing department, Molding and Finishing. The following information was obtained for the Molding Department for the month of June 2022. Work in process on 1 June 2022 had 10,000 units made up of the following information: Cost Data : Amount (RM) Required: During June 2022, 50,000 units were started in Molding Department and incurred the following costs; a) Direct materials Direct labor Manufacturing overhead i. Cost Data : ii. Direct materials Direct labor Manufacturing overhead At the end of June 2022, 20,000 units were still in process and degree of completion of work in process inventory was direct material; 90 percent, direct labor and manufacturing overhead; 70 percent. 8,000 2,800 2,840 Degree of Completion 100% 60% 60% Prepare the production cost report for the month ended 30 June 2022. The report should show; Equivalent units of production. Cost per equivalent unit. Amount (RM) 38,400 14,000 20,860
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...
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