Homework Help is Here – Start Your Trial Now!
Business
Accounting
int, P16,44 E were 8 C

int, P16,44 E were 8 C

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Requirements: (kindly answer the third requirement only)

3. Cost of the following under weighted average method

a. Completed and transferred

b. In process, end

The beginning work in process inventory showed a balance of P48,240. Of this amount, P16,440 is the cost of direct materials, and P31,800 are conversion costs. There were 8,000 units in the beginning inventory that were 30% complete with respect to both direct materials and conversion costs. During the period, 17,000 units were transferred out and 5,000 remained in the ending inventory. The units in the ending inventory were 80% complete with respect to direct materials and 40% complete with respect to conversion costs. Costs incurred during the period amounted to P126,852 for direct materials and P219,120 for conversion costs. Requirements Equivalent Production of Materials and Conversion under (a) FIFO method (b) Weighted Average Method Cost of the following under FIFO method In process, beg to be accounted to completed and transferred Started and Completed for the period to be accounted to completed and transferred In process, end Cost of the following under Weighted Average method Completed and Transferred in process, end
Transcribed Image Text:The beginning work in process inventory showed a balance of P48,240. Of this amount, P16,440 is the cost of direct materials, and P31,800 are conversion costs. There were 8,000 units in the beginning inventory that were 30% complete with respect to both direct materials and conversion costs. During the period, 17,000 units were transferred out and 5,000 remained in the ending inventory. The units in the ending inventory were 80% complete with respect to direct materials and 40% complete with respect to conversion costs. Costs incurred during the period amounted to P126,852 for direct materials and P219,120 for conversion costs. Requirements Equivalent Production of Materials and Conversion under (a) FIFO method (b) Weighted Average Method Cost of the following under FIFO method In process, beg to be accounted to completed and transferred Started and Completed for the period to be accounted to completed and transferred In process, end Cost of the following under Weighted Average method Completed and Transferred in process, end
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Long-Term contracts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS