Create a cost of production report by fifo process costing, Cost Accounting

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Create a cost of production report by fifo process costing

Response to the following problem:

Bart's Beverages is a small, local operation that makes only one flavor of soft drink. The following data are available for operations in its Blending Department during October

Percent

Barrels Complete Costs

Beginning work-in-process inventory, October 1 . . . . . . . . . . . 1,000

Materials costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25% $ 1,113

Conversion costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 194

Units started in October . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

Costs incurred in October

Materials costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,487

Conversion costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,056

Ending work-in-process inventory, October 1 . . . . . . . . . . . . . 500

Materials costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 ?

Conversion costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 ?

Using FIFO process costing, prepare a cost of production report for October.

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Cost Accounting: Create a cost of production report by fifo process costing

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Cost Accounting: Create a cost of production report by fifo process costing

Reference No:- TGS02129219

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