Boy Kingdom, manufactures educational toys using both Weighted Average and FIFO Method in process costing...
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Boy Kingdom, manufactures educational toys using both Weighted Average and FIFO Method in process costing systems. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled and additional materials (for example, fasteners and decals) are applied. Completed toys are then transferred to the Packaging Department where each toy is boxed. Toy Kingdom, showed the following data on toy production for February:
Prepare Departmental Cost of Production Report, showing the quantity schedule & equivalent production in units, Computation of units costs, reconciliation of cost.
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