(WA & FIFO; cost of production report) In a single process production system, Phunky Phingers produces wool gloves. For November 2010, the company’s accounting records reflected the
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Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor; 60% complete as to overhead) |
12,000 units |
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|
Units started during the month |
90,000 units |
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Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) |
20,000 units |
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Cost Component |
November 1 |
During November |
|
|
Direct material |
$13,020 |
$90,000 |
|
|
Direct labor |
1,908 |
45,792 |
|
|
Overhead |
4,636 |
70,824 |
|
a. For November, prepare a cost of production report, assuming that the company uses the weighted average method.
b. For November, prepare a cost of production report, assuming that the company uses the FIFO method.