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Chapter 9.2 Process Costing - Average and FIFO
Chapter 9.2 Process Costing - Average and FIFO
In Process, end 400 units 50% complete 400 units 50% complete
Required:
2. Unit costs of materials, labor and overhead for process 1, 2 and 3 (6 points)
3. Cost of completed and transferred out, and in-process inventories for process 1, 2 and 3. (6 points)
4. Unit costs of completed and transferred goods to process 2, 3 and to finished goods. (3 points)
C. How much is the total manufacturing cost? Finished Goods Inventory? Work-in Process Invento
ary 2021, Masipag Company presented the following
Process 3
17,145
11,320
8,490
36,955
50% at the beginning of the
process, another 30% at 70%
of the process and the
remaining 20% at 90% of the
process.
5,700
1 is P1650; units P240;
Materials
Labor P160; Overhead P120.
PROCESS 1
Materials Labor & Overhead
Quantity Schedule Actual Work Done EUP Work Done
Units Started 6,000
In Process, beginning 200
Units Transferred In 0
TUTAF 6,200
400
2,000.00 200
500.00 200
300.00 200
2,800.00
55,000.00
PROCESS 3
Labor & Overhead Materials Labor & Overhead
EUP Actual Work Done EUP Work Done
0
250
5,700
5,950
3,600.00 400
800.00 320
400.00 280
300.00 280
5,100.00
99,150.00
r & Overhead
EUP
5,550
280
5,830
16.50
3.00
2.00
1.50
23.00
127,650.00 23.00
6,600.00
960.00
560.00
420.00
8,540.00
136,190.00
Particulars Debit Credit Remarks
WIP - Process 1 30,000 Materials
WIP - Process 2 23,000 Labor
WIP - Process 3 17,145 Overhead
Raw Materials 70,145 Total Manufacturing Cost
Add WIP, beginning
WIP - Process 1 14,800 WIP, - Process 1 1,320
WIP - Process 2 11,680 WIP, - Process 2 3,510
WIP - Process 3 11,320 WIP, - Process 3 5,185
Accrued Payroll 37,800 Total Cost Put Into Process
WIP - Process 1 2,800
WIP - Process 1 8,880 WIP - Process 2 5,100
WIP - Process 2 8,760 WIP - Process 3 8,540
WIP - Process 3 8,490 Cost of Goods Manufactured (FG)
Applied Factory Overhead 26,130
10,015
144,090
16,440
127,650
Cost of Production Report - FIFO
PROCESS 1
Materials Labor & Overhead
Quantity Schedule Actual Work Done EUP Work Done
Units Started 6,000
In Process, beginning 200
Units Transferred In 0
TUTAF 6,200
Units completed
In Process, beginning & Complete 200 0% 0 60%
Started and Completed 5,600 100% 5,600 100%
Units In Process 400 100% 400 50%
TUAF 6,200 6,000
3,510.00 3,510.00
52,200.00 52,200.00
This Month Total
5.00 23,000.00 23,000.00
2.50 11,680.00 11,680.00
1.50 8,760.00 8,760.00
300
3,510
600
480
1,800.00 9.00 360
50,400.00 9.00 5,400
400 3600
800
400
300
2,800.00
55,000.00
PROCESS 3
Labor & Overhead Materials Labor & Overhead
EUP Actual Work Done EUP Work Done
0
250
5,700
5,950
5,185.00 5,185.00
9.00 94,050.00 94,050.00
This Month Total
4.00 17,145.00 17,145.00
2.00 11,320.00 11,320.00
1.50 8,490.00 8,490.00
250
5,185.00
285.00
334.68
4,950.00 251.01
89,100.00 16.50 5,300
400 6600.00
960.00
551.23
413.43
5,100.00
99,150.00
r & Overhead
EUP
170
5,300
280
5,750
16.500000
3.000000
1.968696
1.476522
22.945217
6,055.69
121,609.65 23.002764
8,524.66
136,190.00
Particulars Debit Credit Remarks FIFO
WIP - Process 1 30,000.00 Materials
WIP - Process 2 23,000.00 Labor
WIP - Process 3 17,145.00 Overhead
Raw Materials 70,145.00 Total Manufacturing Cost
Add WIP, beginning
WIP - Process 1 14,800.00 WIP, - Process 1 1,320.00
WIP - Process 2 11,680.00 WIP, - Process 2 3,510.00
WIP - Process 3 11,320.00 WIP, - Process 3 5,185.00
Accrued Payroll 37,800.00 Total Cost Put Into Process
WIP - Process 1 2,800.00
WIP - Process 1 8,880.00 WIP - Process 2 5,100.00
WIP - Process 2 8,760.00 WIP - Process 3 8,524.66
WIP - Process 3 8,490.00 Cost of Goods Manufactured (FG)
Applied Factory Overhead 26,130.00
1,320.00
3,510.00
10,015.00 5,185.00 10,015.00
144,090.00 144,090.00
2,800.00
5,100.00
16,424.66 8,540.00 16,440.00
127,665.34 127,650.00