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The inventory at May 1 and the costs charged to Work in Process--Department B during May for Stella Company are as follows:

Beginning WIP, 12,000 units, 60% completed $ 62,400
From Department A, 55,000 units started this period
Direct materials added 115,500
Direct labor incurred 384,915
Factory overhead incurred 138,000

During May, all direct materials are transferred from Department A, the units in process at May 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units which were 70% completed. Inventories are costed by the first-in, first-out method.

Prepare a cost of production report for May.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9969797

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