Jasper Kent Ogatis ACC123 (7707)

FIFO Method

ABC COMPANY
PRODUCTION COST REPORT
For the Month of January

Production Quantity Information

Physical Units Work Done
Input
Work In process, January 1 6,000
Direct Materials 100%
Conversion Cost 25%
Units Started 14,000
Units to account for 20,000

Output
Units completed
Work in process, January 1 6,000
Started and Completed 11,000
Work in process, January 31 3,000
Direct Materials 100%
Conversion Cost 50%
Units Accounted for 20,000
Total Equivalent Units

Unit Cost Determination

Direct Materials
Work in process January 1
Costs added during January 42,000
Total cost to account for Php42,000

Cost per Equivalent Unit

Divide by equivalent units 14,000
Equivalent unit costs Php3
Cost Assignment

Work in process, January 1

Completion of beginning (4,500 x Php 4)
Total beginning inventory
Started and Completed (11,000 x Php 7)
Total Costg transferred Out
Work in process, January 31
 Direct Materials (3,000 x Php 3) Php9,000
Conversion (3,000 x Php 4 x 0,5) 6,000
Total cost accounted for
 EPORT
nuary

ormation
Direct Materials Cost Conversion Cost

4,500
11,000 11,000

3,000
1,500

14,000 17,000

ation
Conversion Cost Total
36,000
68,000 110,000
Php68,000 Php146,000

Php4 Php7
t

Php36,000
18,000
Php54,000
77,000
Php131,000
 15,000
Php146,000
JASPER KENT OGATIS
ACC123 (7707)
AVERAGE COST METHOD

ABC Co
Cost of Produ
For the mont
Physical Units
Work in Process, January 1 6,000
Direct Materials
Units Started 14,000
Units to account for 20,000

Units completed 17,000

Work in Process, January 30 3,000
Direct Materials
Convertion Cost
Units Accounted For 20,000
Total Equivalents Units

UNIT COST DE
Direct Materials
Work in process January 1
Cost Added During January 42,000
Total Cost to Account for 42,000

Divided by equivalent units 20,000

Equivalent unit cost 2.10

COST ASS
Equivalents Units
Goods completed and transferred out 17,000

Ending Work in Process

Direct Materials 3,000
Conversion Cost 1,500
TOTAL COST ACCOUNTED FOR
 ABC Company
Cost of Production Report
For the month of January
Completion Perecntage Direct Materials Conversion Cost

100%

100% 17,000 17,000

100% 3,000
50% 1,500

20,000 18,500

UNIT COST DETERMINATION

Conversion cost TOTAL
36,000 36,000
68,000 110,000
104,000 146,000

18,500
5.62 7.72

COST ASSIGNMENT
Unit Cost Completed and Transfer Ending Work in Process
7.72 131,268

2.10 6,300
5.62 8,432
131,268 14,732
TOTAL
131,268

6,300
8,432
146,000