Process costing report

yummy_food_inc_cost_report.xls

Yummy Foods Inc

Critical Thinking 2-Yummy Foods INC.
1.		Process cost report prepared using FIFO costing method
	Yummy Foods, Inc.
	Mixing Department
	Process Cost Report - FIFO Method
	For the Month ended Jan 31
			Physical
			Units
	Beginning inventory		5,000		Equivalent Units
	Units started this period		90,000		Direct						Conversion
	Units to be accounted for		95,000		Materials						Costs
	Beginning inventory		5,000		— 0			0%			3,000			60%
	Units started and completed		84,000		84,000			100%			84,000			100%
	Ending inventory		6,000		6,000			100%			3,600			60%
	Units accounted for		95,000		90,000						90,600
					Direct						Conversion
			Total Costs		Materials						Costs
	Beginning Inventory		$ 33,790	=	$ 28,560					+	$ 5,230
	Current Costs		631,200	=	450,000					+	181,200
	Total costs		$664,990		$478,560						$186,430
	Current Costs				$450,000						$181,200
	Equivalent Units				90,000						90,600
	Cost per equivalent unit		$7.00	=	$5.00					+	$2.00
	Cost of goods manufactured
	and transferred out:
	From beginning inventory		$ 33,790
	Current costs to complete		6,000	=	— 0						(	3,000	x	$2.00	)
	Units started and completed		588,000	=	(	84,000	x	$5.00	)	+	(	84,000	x	$2.00	)
	Cost of goods manufactured		$627,790
	Ending Inventory		37,200	=	(	6,000	x	$5.00	)	+	(	3,600	x	$2.00	)
	Total costs		$664,990