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Category > Management Posted 22 Dec 2017 My Price 10.00

Prepare the Cooling Department production cost report

John Ltd. manufactures a product which passes through 2 departments, Boiling and

Cooling.

Processing first begins in the Boiling department. After boiling of all the materials

have been completed, the product is transferred to Cooling department. In the Cooling

department, further materials are added when processing is 25% complete (all the

materials in the Cooling department are added at this point only).

Conversion costs are incurred uniformly throughout the process in the Cooling

department.

Work in process in the Cooling Department as at 1 Nov amounted to 50,000 units

(40% complete). The costs included in these units are as follows :

Boiling Department $900,000

Cooling Department :

- Direct materials $740,000

- Direct labour $210,000

- Overheads $?

During the month of Nov, 140,000 units were completed in the Cooling Department

and transferred to finished goods inventory. Units transferred in from Boiling in Nov

were charged at $19 per unit. Cooling department’s costs in Nov were :

Materials added $2,850,000

Direct labour $2,225,000

Overheads $?

Overhead is allocated on the basis of 110% of direct labour cost.

At the end of the month, 60,000 units were still in process in Cooling. These were

estimated to be 30% complete.

Required :

(a) Prepare the Cooling Department production cost report for the month of Nov 2015

using (round up to 2 decimal place) :

(i) Weighted Average method

(ii) FIFO method

Answers

CourseLover
(12)
Status NEW Posted 22 Dec 2017 07:12 AM My Price 10.00

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