Materials Cost Accounting in Excel
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The Malbim Company uses a process costing system. Materials are added at the beginning of the process. On July 1 there are 400 units in the beginning inventory that are 100% complete as to materials. With regard to labor and overhead, however, the units in beginning inventory (July 1) are only 75% complete.
During July, 10,000 units were started in production; of these, 7,000 were completed and transferred to the next department. On July 31, the remaining 3,000 units were 20% complete with regard to labor and overhead.
Using the Weighted Average method, calculate the equivalent units of
Direct Materials
Direct Labor and Factory Overhead
Using the FIFO method, calculate the equivalent units of
Direct Materials
Direct Labor and Factory Overhead
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Solution Summary
The following posting discusses the cost of materials for a company.
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Equivalent units
FIFO
Materials Direct labor and factory overhead
Beginning work-in-process
400 units X 75% 300 ...
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