Problem 12-4– Continued: Ending WIP Beginning WIP 100% Stage of Completion: 100% Transferred In Direct materials Direct labor Overhead 80% 40% 30% 70% 50% 40% Cost Data Beginning WIP Current period Transferred In Direct material Direct labor Overhead P132,000 49,920 13,440 7,160 P640,000 323,200 171,200 86,400 Required: 1. Compute the equivalent unit of production for direct materials, di- rect labor and overhead. 2. Prepare a cost of production report for the Curing Department for May 2018 using the FIFO method of process costing.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Please analyze and compute the problems attached on the photos below.
Requirements:

  1. Compute the equivalent unit of production for direct materials, direct labor and overhead.
  2. Prepare a cost of productin report for the Curing Department for May 2018 using the FIFO method of process costing.
Problem 12-4: Cost of Production Report- Second Department
Plata Company makes porcelain kitchen sinks in a process requiring op-
erations in three separate departments: Molding, Curing, and Finishing.
Materials are first introduced in the molding operation and additional
material is added during the curing process. The following information is
available for the Curing Department for May 2018:
Production Data
Beginning WIP Inventory
Transferred In from Molding
Ending WIP Inventory
Transferred Out to Finishing
8,000 units
40,000 units
4,000 units
Transcribed Image Text:Problem 12-4: Cost of Production Report- Second Department Plata Company makes porcelain kitchen sinks in a process requiring op- erations in three separate departments: Molding, Curing, and Finishing. Materials are first introduced in the molding operation and additional material is added during the curing process. The following information is available for the Curing Department for May 2018: Production Data Beginning WIP Inventory Transferred In from Molding Ending WIP Inventory Transferred Out to Finishing 8,000 units 40,000 units 4,000 units
Problem 12-4– Continued:
Stage of Completion:
Beginning WIP
Ending WIP
100%
100%
Transferred In
Direct materials
Direct labor
Overhead
70%
50%
40%
80%
40%
30%
Cost Data
Beginning WIP
Current period
Transferred In
Direct material
Direct labor
Overhead
P132,000
49,920
13,440
7,160
P640,000
323,200
171,200
86,400
Required:
1.
Compute the equivalent unit of production for direct materials, di-
rect labor and overhead.
2.
Prepare a cost of production report for the Curing Department for
May 2018 using the FIFO method of process costing.
Probl
Transcribed Image Text:Problem 12-4– Continued: Stage of Completion: Beginning WIP Ending WIP 100% 100% Transferred In Direct materials Direct labor Overhead 70% 50% 40% 80% 40% 30% Cost Data Beginning WIP Current period Transferred In Direct material Direct labor Overhead P132,000 49,920 13,440 7,160 P640,000 323,200 171,200 86,400 Required: 1. Compute the equivalent unit of production for direct materials, di- rect labor and overhead. 2. Prepare a cost of production report for the Curing Department for May 2018 using the FIFO method of process costing. Probl
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education