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Category > Accounting Posted 24 Sep 2017 My Price 10.00

Good Foods, Inc

Process Costing: FIFO Costing Method

Canned fruits and vegetables are the main products made by Good Foods, Inc. All direct materials are added at the beginning of the Mixing Department’s process. When the ingredients have been mixed, they go to the Cooking Department. There the mixture is heated to 100° Celsius and simmered for 20 minutes. When cooled, the mixture goes to the Canning Department for final processing. Throughout the operations, direct labor and overhead costs are incurred uniformly. No direct materials are added in the Cooking Department. Cost data and other information for the Mixing Department for January are as follows:

 

Direct Materials

Conversion Costs

Production Cost Data

Mixing Department

    

Beginning inventory

$ 28,560

$ 5,230

Current period costs

450,000

181,200

Work in process inventory

    

Beginning inventory

    

Mixing Department (40% complete)

5,000 liters

  

Ending inventory

  

Mixing Department (60% complete)

6,000 liters

  

Unit production data

  

Units started during January

90,000 liters

  

Units transferred out during January

89,000 liters

  

Assume that no spoilage or evaporation loss took place during January.

Required

1. Using the FIFO costing method, prepare a process cost report for the Mixing Department for January.

2. Explain how the analysis for the Cooking Department will differ from the analysis for the Mixing Department.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 09:09 PM My Price 10.00

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