>(FIFO; second department) Bixby Company makes porcelain kitchen sinks in a process requiring operations in three separate departments: Molding, Curing, and Finishing. Materials are first introduced in the molding operation and additional material is added during the curing process. The following information is available for the Curing Department for May 2001:
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Beginning WIP Inventory (degree of completion: transferred in, 100%; |
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direct material, 80%; direct labor, 40%; overhead, 30%) |
8,000 units |
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Transferred in from Molding |
40,000 units |
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Ending WIP Inventory (degree of completion: transferred in, 100%; |
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direct material, 70%; direct labor, 50%; overhead, 40%) |
4,000 units |
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Transferred to Finishing |
? units |
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Cost Component |
Beginning Inventory |
Current Period |
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Transferred |
$66,000 |
$320,000 |
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Direct material |
24,960 |
161,600 |
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Direct labor |
6,720 |
85,600 |
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Overhead |
3,580 |
43,200 |
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Prepare, in good form, a cost of production report for the Curing Department for May 2001. (CPA adapted)