Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December,2022. Company presented the following costs on processes:In December, under FIFO method, what is average unit cost of inventory transferred from Process 2 to Process 3?P24.56P25.03P25.22P24.76 December 2021 Costs incurred:Process 1Process 2Process 3300,510.00198,000.00158,400.00656,910.00246,225.00170,625.00136,500.00553,350.00|189,375.00142,785.00112,320.00444,480.00MaterialsDirect LaborOverheadTotal50% at the beginning of the50% at the beginning of theprocess, and remaining 50% at of the process and the00% of the process.process, another 30% at 70%Materials are addedthe beginning of the process.remaining 20% at 00% of theprocess.Started/Transferred In (units)In process, beginning (units)Completed and transferred out (units)In Process, end (units)In Process, end (rate of convertion)50,0001,00049,00049,0001,50047,00047,0001,50045,0002,0002,0002,00050%50%60%Normal Loss- not more than 900 units900900Abnormal loss (units)600600Quality Control Inspection Madeat the end of the processat the end of the processat the end of the process

The average unit cost of inventory shows the cost per unit. Equivalent units are calculated by…

Answered: December 2021 Costs incurred: Materials…

Principles of Accounting Volume 2

19th Edition

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Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...

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5. Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 Stage of completion Started in process Received from prior dept. 16,000 4/5 10,000 40% 64,000 70,000 12,000 In process, February 28 Stage of completion ? 2/5 2/3 Costs data: In process, February 1 Current costs P 21,020 P20,300 Materials 28,350 15,300 9,180 46,800 25,200 14,400 Labor Manufacturing Overhead In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is described as follows: 20% when the process is '1/4 completed; 30% when the process is '1/2 completed and the balance, at the end of…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior dept. 70,000 In process, February 28 ? 12,000 Stage of completion 2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior dept. 70,000 In process, February 28 ? 12,000 Stage of completion 2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:                                                                            Department X                                   Department Y Quantity units:                In process, February 1                          16,000                                                10,000                Stage of completion                              4/5                                                       40%                Started in process                                  64,000                Received from prior dept.                                                                               70,000                In process, February 28                           ?                                                       12,000                Stage of completion                              2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:                                                                            Department X                                   Department Y Quantity units:                In process, February 1                          16,000                                                10,000                Stage of completion                              4/5                                                       40%                Started in process                                  64,000                Received from prior dept.                                                                               70,000                In process, February 28                           ?                                                       12,000                Stage of completion                              2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:                                                                            Department X                                   Department Y Quantity units:                In process, February 1                          16,000                                                10,000                Stage of completion                              4/5                                                       40%                Started in process                                  64,000                Received from prior dept.                                                                               70,000                In process, February 28                           ?                                                       12,000                Stage of completion                              2/5…
3. Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 Stage of completion Started in process Received from prior dept. In process, February 28 Stage of completion 16,000 10,000 40% 4/5 64,000 70,000 12,000 2/3 2/5 Costs data: P 21,020 In process, February 1 Current costs P20,300 Materials 28,350 46,800 Labor 15,300 9,180 25,200 14,400 Manufacturing Overhead In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is described as follows: 20% when the process is '1/4 completed; 30% when the process is '1/2 completed and the balance, at the end of the…
Question 15 The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: Physical units Direct Materials Conversion Costs Beginning WIP 100 $459,888 $142,570 Started in May 2020 510 Completed during May 2020 450 Total costs added during May 2020 $3,237,000 $1,916,000 Degree of completion: Beginning WIP: direct materials 80%; conversion costs 35% Degree of completion: Ending WIP: direct materials 80%; conversion costs 40% What would be the cost of units completed and transferred out using FIFO method? Group of answer choices $4,065,000 $4,667,140 $1,088,000 $4,207,570
You are provided with the following information for the month of October 2020 O/B WIP unit started C/B wip Number of unit: 2730 27931 1875 Percentage com:25% 60% The material in the production process are added at the following stages: Material A: 0% Material B : 40% Material C : 80% What is the equivalent units of material B in the opening work in progress
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs    Materials 28,350 46,800    Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs    Materials 28,350 46,800    Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs    Materials 28,350 46,800    Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…

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