Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average ofevaporation loss of 10%. The following data were obtained for the month of October, 2019:Units:In process, October 1 (2/5 completed)9,600 gallonsReceived from Department A30,000 gallonsFinished and transferred25,200 gallonsIn process, October 31 (1/4 complete)11,700 gallonsCosts:In process beginningP5,760Received from Department A30,000Current costsMaterials19,440Labor7,290Overhead2,4301.) Under FIFO method, what was the actual units of the Work in Process BeginningInventory?2.) Under FIFO method, what was the actual units of the Work in Process Inventory at theEnd?3.) Under FIFO, how many units is the Equivalent Units Of Production (EUP)4.) Under FIFO, how much is the unit cost?

Answered: Consider the following data. Department…

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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Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25,200 gallons In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor…
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
Kaagapay2 Company has the following information for the month of November: Started in process units, 400,000; Work in process, beg, (35% complete) 80,000 units; Normal spoilage, 14,000 units; Abnormal spoilage, 20,000 units; Work in process, end (70% complete), 58,000 units; Completed and transferred out, 388,000 units. Costs incurred last month were: Materials, P60,000; Conversion costs, P40,000. All materials are added at the start of the production process. The company inspects goods at 75% completion as to conversion costs. The costs per EUP for materials and conversion costs are P1 and P1.50 respectively. What is the amount assigned to period cost for the month using FIFO? PO P37,500 P42,500 P50,000
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25.200 gallons In process, October 31 (1/4 complete) 11.700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430 Under Weighted Average Method, how much was the cost of the Finished and Transferred out units?
Evaporation is 8% for 20 days processing Compute for the original quantity of each of the ff: 1) 2,940 gals. five days processed 2) 4,840 gals. eight days processed 3) 7,904 gals. three days processed Ref: Cost Accounting, Process Costing
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25,200 gallons In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor…
Consider the following data. Department B of Ethel Manufacturing Corp, suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, 9.600 gallons October 1 (2/5 completed) 30,000 gallons Received from Department A 25.200 gallons Finished and transferred 11.700 gallons In process, October 31 (1/4 complete) Costs: In process beginning P5.760 Received from Department A 30,000 Current costs Materials 19.440 Labor 7:290 Overhead 2.430 Under FIFO method, what was the actual units of the Work in Process Beginning Inventory?
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…

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