Chapter 11 Average and FIFO Costing Cost for the month P456,000 62,500 Work in process, beg. Materials, chemicals Labor (P100 per hour) Overhead The month's cost added Materials, chemicals 18,750 2,284,000 Materials, cans 70,000 Labor 350,000 Overhead 105,000 The company manufactures high quality paints. Production begins with the blending of he various chemicals, which are added at the beginning of the process and ends with the anning of the paint. Canning occurs when the mixture reaches the 90% stage of completion. The gallon cans are then transferred to the Shipping Department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hour at the rates of P30 per hour. 6. Using the weighted average method, the cost per equivalent unit for direct materials, cans amounted to 353

Chapter 11 Average and FIFO Costing Cost for the month P456,000 62,500 Work in process, beg. Materials, chemicals Labor (P100 per hour) Overhead The month's cost added Materials, chemicals 18,750 2,284,000 Materials, cans 70,000 Labor 350,000 Overhead 105,000 The company manufactures high quality paints. Production begins with the blending of he various chemicals, which are added at the beginning of the process and ends with the anning of the paint. Canning occurs when the mixture reaches the 90% stage of completion. The gallon cans are then transferred to the Shipping Department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hour at the rates of P30 per hour. 6. Using the weighted average method, the cost per equivalent unit for direct materials, cans amounted to 353

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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