(Weighted average & FIFO) In a single process production system, the Cleopatra Corporation produces press on fingernails. For October 2000, the company’s accounting records reflected the following:
|
Beginning Work in Process Inventory |
|
|
(100% complete as to material; 30% complete as to direct labor; |
|
|
60% complete as to overhead) |
6,000 units |
|
Units started during the month |
|
|
Ending Work in Process Inventory |
45,000 units |
|
(100% complete as to material; 40% complete as to direct labor; |
10,000 units |
|
70% complete as to overhead) |
|
Cost Component |
Beginning Inventory |
October |
|
Material |
$4,980 |
$45,000 |
|
Direct labor |
450 |
21,600 |
|
Overhead |
3,180 |
33,300 |