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Sanchez company has a process cost accounting system. Sanchez incurred material, direct labor, and manufacturing overhead costs evenly during processing. On September 1, the firm had 20,000 units in process, 40% complete with the following accumulated costs: Material $156,000, Direct Labor $80,000, Manufacturing overhead $60,000. During September, Sanchez started 110,000 units in process and incurred the following costs: Material $1,244,000, direct labor $980,000, and manufacturing overhead 638,000. During September, Sanchez completed 90,000 units. T he 40,000 units in ending inventory were, on average 40% complete.

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Question: Prepare a production cost report using FIFO.

Note: Be sure to show how you arrived at your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165297

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