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B-20.051 Problem - direct labor and £24,900 for factory...

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B-20.051 Howorth Dental Products is a London-based producer of a patented anti-microbial dental floss. All raw material is introduced at the beginning of the production process, but considerable processing time is needed to create the anti-microbial qualities of the specially designed floss. Howorth measures output in meters of floss and applies the FIFO process costing method. The following information is available for a recent period: Beginning work in process inventory: 140,000 meters at a cost of £46,200 for direct materials, £24,900 for
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Unformatted text preview: direct labor, and £24,900 for factory overhead. The conversion process was 55% complete. Units started into production: 260,000 meters Units completed and transferred to finished goods: 380,000 meters Ending work in process inventory: 20,000 meters, 30% complete Additional costs incurred during the period: Direct materials £85,400 Direct labor, £98,200 Factory overhead, £98,600 Prepare a cost of production report for Howorth....
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