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  • Process Costing Explantion Materials Issuance

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    Angelo Ferrer
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    The document describes three scenarios for adding materials at different percentages of production and calculates beginning work-in-progress, materials started and completed, and ending work-in-progress using the FIFO method. Under each scenario and accounting method (DM for direct materials, CC for conversion costs), it shows the total costs for the period.

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    The document describes three scenarios for adding materials at different percentages of production and calculates beginning work-in-progress, materials started and completed, and ending work-in-progress using the FIFO method. Under each scenario and accounting method (DM for direct materials, CC for conversion costs), it shows the total costs for the period.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    4 views1 page

    Process Costing Explantion Materials Issuance

    Uploaded by

    Angelo Ferrer
    The document describes three scenarios for adding materials at different percentages of production and calculates beginning work-in-progress, materials started and completed, and ending work-in-progress using the FIFO method. Under each scenario and accounting method (DM for direct materials, CC for conversion costs), it shows the total costs for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    WIP Beginning 30% Complete 10,000

    Started and Completed 50,000


    WIP, End 40% Complete 5,000

    Scenario 1: Materials are added at 50% of production

    Scenario 2: Materials are added at 35% of production

    Scenario 3: Materials are added at 20% of production

    FIFO METHOD

    Scenario 1 Scenario 2 Scenario 3


    TOTAL DM CC DM CC DM CC
    WIP Beg 10,000 10,000 7,000 10,000 7,000 0 7,000
    S&C 50,000 50,000 50,000 50,000 50,000 50,000 50,000
    WIP End 5,000 0 2,000 5,000 2,000 5,000 2,000
    60,000 59,000 65,000 59,000 55,000 59,000

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