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Make a material flow cost report using the fifo method

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Sandhill's Closet mass-produces luxurious sleepwear for women. Consider the following data for the flannel nightgown department for the month of January. All direct materials are added at the beginning of production in the department, and conversion costs are incurred evenly throughout production. Inspection occurs when production is 100% completed. Normal spoilage is 7,000 units for the month.

Physical Units

Beginning WIP (25% complete) 11,800

Started during January 74,000

Total to account for 85,800

Good units completed and transferred out during current period:

From beginning work in process 11,800

Started and completed 53,000

Spoiled units 9,000

Ending WIP (75% complete) 12,000

Total accounted for 85,800

Costs Beginning WIP:

Direct materials $216,000

Conversion costs 26,000

Total beginning WIP 242,000

Costs added during current period:

Direct materials 1,924,000

Conversion costs 924,000

Costs to account for $3,090,000

Question 1: Make a material flow cost report using the FIFO method. Assume that the production process wastes 10% of all raw materials before taking into account spoilage. For simplicity, do not adjust the costs for beginning work in process.

Reference no: EM132609817

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