Question
The Welding Department of Majestic Company has the followingproduction and manufacturing cost data for February 2017. Allmaterials are added at the beginning of the process. Majestic usesthe FIFO method to compute equivalent units.
Manufacturing Costs |
|
Production Data |
|||||
Beginning work in process |
|
$32,497 |
|
Beginning work in process |
|
15,150 |
units, 10% complete |
Costs transferred in |
|
136,350 |
|
Units transferred out |
|
54,540 |
|
Materials |
|
57,570 |
|
Units transferred in |
|
64,640 |
|
Labor |
|
35,451 |
|
Ending work in process |
|
25,250 |
, 20% complete |
Overhead |
|
69,084 |
|
|
|
|
|
Prepare a production cost report for the Welding Department for themonth of February. Transferred-in costs are considered materialscosts. (Round unit costs to 2 decimal places, e.g.2.25.)