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cvg.cengagenow.com Week 11 Login CengageNOW Home | Chegg.c Assignments Toy Truck Corpor Dairy Direct Is A Round your answ... Process Cost Report: FIFO Costing Method Toy Truck Corporation produces children's toy trucks using a continuous production process. All direct materials are added at the beginning of the process. In November, the beginning work in process inventory was 420 units, which were 50 percent complete; the ending balance was 400 units, which were 70 percent complete. During November, 15,000 units were started into production. The work in Process Inventory account had a beginning balance of 937 for direct materials costs and $370 for conversion costs. In the course of the month, $35,300 of direct materials were added to the process, and $31,689 of conversion costs were assigned. Hide Using the FIFO costing method, prepare a process cost report that computes the equivalent units for November, the product unit cost for the toys, and the ending balance in the Work in Process Inventory account. (Round cost per equivalent unit to the nearest cent.) If the amount is zero, enter "O". For the percentages, do not enter the percent sign. For example, 60% would be entered as 60. Toy Truck Corporation Process Cost Report-FIFO Costing Method For the Month Ended November 30 Physical Units: Beginning inventoryy Units started this period Units to be accounted for Beginning inventory Units started and completed Ending inventory Units accounted for 420 15000 15420 420 14600 400 15420Explanation / Answer
Production Cost Report is as prepared below:
Toy Truck Corporation Process Cost Report- FIFO Costing Method For the Month Ended November 30 Equivalent Units Flow of Production Flow of physical units Direct material Conversion Cost Units to account for: Beginning Inventory 420 Units started into production 15,000 Total physical units to account for 15,420 Units accounted for: Beginning Inventory 420 0 210 Started and completed 14,600 14,600 14,600 Completed and transferred out 15,020 14,600 14,810 Ending WIP 400 400 240 Total units to be assigned cost 15,420 15,000 15,050 Cost per equivalent unit Total Cost 35,300 31,689 Total equivalent units 15,000 15,050 Cost per equivalent unit 2.353 2.106 Cost charged to production Direct Material Conversion Total Inventory in process 1,277 Started into production 66,989 Total costs 68,266 Cost allocated Work in process 937 340 1,277 Conversion cost to complete beginning inventory 0 442 442 Cost of completed WIP 1,719 Started and completed 34,359 30,741 65,100 Work in process Ending 941 505 1,447 Total Costs 68,266Related Questions
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