REQUIRED Prepare the Process Cost Report for Process 2 using the FIFO method. INFORMATION Trappers...
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Accounting
REQUIRED
Prepare the Process Cost Report for Process 2 using the FIFO method.
INFORMATION
Trappers Ltd uses two processes to manufacture pens. The following details are applicable to Process 2 for July 2018:
Production details
Units
Units of incomplete work (opening)
64 000
(100% complete i.r.o. materials; 40% complete i.r.o. conversion costs)
Units received from the previous process
256 000
Units completed and transferred
192 000
Units of incomplete work (closing)
?
(100% complete i.r.o. materials; 60% complete i.r.o. conversion costs)
Details in connection with costs:
R
Incomplete work (opening)
1 024 000
Costs of previous process
806 400
Direct materials
140 800
Conversion costs
76 800
Costs incurred during July 2018:
2 201 600
Transferred from previous process
1 446 400
Direct materials
268 800
Conversion costs
486 400
3 225 600
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