FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Manufacturing Costs
Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.
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Answer this in FIFO method

Exercise 6-7 EVEN APPLICATION - MULTIPLE DEPTS The ICT Manufacturing Corp. has its product processed in Depatments M and P. The production data for March are given below: Quantity data: WIP, beg Stage of Completion Units placed in process Units transferred out WIP, end Stage of Completion Cost data: WIP, beg Factory costs: Materials Department M 5,000 1/5 30,000 ? 7,000 2/7 P750 17,400 8,990 3,480 Department P 8,000 3/4 30,000 ? 2/5 P9,481.44 7,920 3,960 2,640 Direct labor Factory overhead Required: Prepare the cost of production report for the two departments.
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Transcribed Image Text:Exercise 6-7 EVEN APPLICATION - MULTIPLE DEPTS The ICT Manufacturing Corp. has its product processed in Depatments M and P. The production data for March are given below: Quantity data: WIP, beg Stage of Completion Units placed in process Units transferred out WIP, end Stage of Completion Cost data: WIP, beg Factory costs: Materials Department M 5,000 1/5 30,000 ? 7,000 2/7 P750 17,400 8,990 3,480 Department P 8,000 3/4 30,000 ? 2/5 P9,481.44 7,920 3,960 2,640 Direct labor Factory overhead Required: Prepare the cost of production report for the two departments.
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