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    Cost Accounting Aec 121 Assessment 3.3

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    Kristan Esteban
    Cost Accounting assessment

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    Cost Accounting Aec 121 Assessment 3.3

    Uploaded by

    Kristan Esteban
    17 views2 pages
    Cost Accounting assessment

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    Cost Accounting assessment

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views2 pages

    Cost Accounting Aec 121 Assessment 3.3

    Uploaded by

    Kristan Esteban
    Cost Accounting assessment

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    KRISTEL AN T. LAMORENA ASSESSMENT 3.

    3 COST ACCTNG BS Management Accounting II

    Prepare a cost of production report for March using FIFO:

    Ivory Maude Company


    Cost Report
    March 31, 2022

    MATERIAL CC

    Work In Process – Beg. 8,000 0 1,600

    Started & Completed 11,500 11,500 11,500

    Work In Process – End 15,000 15,000 8,250

    Normal Spoilage 6,000 0 0

    Abnormal Spoilage 2,500 2,500 2,500

    Accounted For 43,000 29,000 23,850

    Material $ 50,000/29,000 = $1.72


    Conversion Cost $ 175,000/23,850 = $7.34

    Cost Assignment
    Work In Process – End
    15,000 x $1.72 $ 25,800
    8,250 x $7.34 60,555 $ 86,355
    Abnormal Spoilage
    2,500 x $ 9.06 22,650
    Cost Transferred Out ($284,000-$86,355-$22,650) $174,995
    TOTAL COSTS ACCOUNTED FOR $ 284,000
    Prepare a cost of production report assuming the weighted average method:

    Ivory Maude Company


    Cost Report
    March 31, 2022

    MATERIAL CC .

    Transferred Out 19,500 19,500 19,500

    Work In Process – End 15,000 15,000 8,250

    Normal Spoilage 6,000 0 0

    Abnormal Spoilage 2,500 2,500 2,500

    Accounted For 43,000 37,000 30,250

    Material $ 64,000/37,000 = $1.73


    Conversion Cost $ 220,000/30,250 = $7.27

    Cost Assignment
    Work In Process – End
    15,000 x $1.73 $ 25,950
    8,250 x $7.27 59,978 $ 85,928
    Abnormal Spoilage
    2,500 x $ 9.00 22,500
    Cost Transferred Out ($284,000-$86,355-$22,650) $175,572
    TOTAL COSTS ACCOUNTED FOR $ 284,000

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