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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
(Weighted average & FIFO) In a single-process production system, the Cleopatra Corporation produces press-on fingernails. For October 2000, the company’s accounting records reflected the following:
|
Beginning Work in Process Inventory |
 |
|
(100% complete as to material; 30% complete as to direct labor; |
 |
|
60% complete as to overhead) |
6,000 units |
|
Units started during the month |
 |
|
Ending Work in Process Inventory |
45,000 units |
|
(100% complete as to material; 40% complete as to direct labor; |
10,000 units |
|
70% complete as to overhead) |
 |
Â
|
Cost Component |
Beginning Inventory |
October |
|
Material |
$4,980 |
$45,000 |
|
Direct labor |
450 |
21,600 |
|
Overhead |
3,180 |
33,300 |
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