Process Costing Accounting Question

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Use the FIFO method and process costing to show work. See attached document for how I would like the work done. Please use A, B, C units, if possible.

 

During the month of October the company had sales of $83,000 (8,300 pies).  Each pie sells for $10.

 

Using the following information, determine the Gross Profit for the Month of October.

 

Mixing Department:       Beginning Balance 0      

                                                Ending inventory 1000 pies at 40% completion

                                                DM used: $1000

                                                DL used: $800

                                                FOH allocated: $1200

 

Rolling Department:      Beginning Balance 1600 pies that were 70% completed with costs of $600

                                                Pies started: 9000

                                                Pies transferred to Filling Department:  8100

                                                Ending Inventory was 10% completed

                                                DL used: $2338

                                                FOH allocated: $2000

 

Filling Department:        Beginning Balance 3000 pies that were 20% completed with costs of $7500

                                                Ending inventory was 75% completed

                                                DM used: $16200

                                                DL used: $3800 

                                                FOH allocated: $1975

                                               

Baking Department:       Beginning Balance 0

                                                Pies Transferred into department 7600

                                                FOH allocated: $14160

                                                Ending inventory: 1300 pies that were 60% completed

 

Packaging Department: Beginning Balance: 2100 pies at 20% completion with costs of $12,600

                                                Ending Inventory was 2000 pies at 90% completed

                                                DM used: $7875

                                                DL used: $1945

                                                FOH allocated: $3890

 

Finished Goods Department:  Beginning Balance: 2600 pies with costs of $15626

                                               

                               

 

 

  • 11 years ago
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