Topic: Average and FIFO Costing Chapter 11 Average...
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Accounting
Topic: Average and FIFO Costing
Chapter 11 Average and FIFO Costing GDL Company uses three departments to produce a detergent. The finishing department is the third stop before the product is transferred to storage. All materials needed to give the detergent its final composition are added at the beginning of the considered to be normal. The following data for the Finishing Department for October have been made available. In process, Oct. 1 (labor & overhead, 3/4 comp) Transferred in from preceding department Finished and transferred to storage Problem 7 process Production data: 343 in the Finishing Department. Any lost units occur only at this point and are In process, Oct 31 (labor & overhead, 1/2 comp) 10,000 units 10,000 units 40,000 units 35,000 units P40,000 Additional data: Work in process inventory, October 1 Cost from preceding department Cost from this department Materials Labor Overhead Transferred in during October Cost added in this department Materials Labor Overhead Requirements 1. Cost of production report using average method. 2. Cost of production report using FIFO method 20,000 39,000 42,000 140,000 70,000 162,500 130,000
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