Items 12 to 16 are based on the following data: Toy King Manufacturing Company produces a plastic toy in a two-stage molding and finishing operation. The company uses the weighted average method of process costing. During June, the following data were recorded for the Finishing Department. 10,000 Units of beginning work in process inventory Percentage of completion of beginning inventory Cost of direct materials in beginning work in 25% process Units started Units completed Units in ending work in process inventory Percentage of completion of ending units Spoiled units Cost added during current period: Direct materials Direct labor 70,000 50,000 20,000 95% 10,000 P655,200 P635,600 P616,000 Manufacturing overhead Work in process, beginning: Transferred In costs Conversion costs P82,900 P42,000 P647,500 Costs of units transferred In during current period Conversion costs are incurred evenly during the process. Direct materials costs are incurred when production is 90% complete. The inspection point is at 80% stage of production. Normal spoilage is 10% of all good units that pass inspection. 13. What is the cost of normal lost units? a. P157,990 b. P150,950 c. P155,990 d. P145,500

Items 12 to 16 are based on the following data: Toy King Manufacturing Company produces a plastic toy in a two-stage molding and finishing operation. The company uses the weighted average method of process costing. During June, the following data were recorded for the Finishing Department. 10,000 Units of beginning work in process inventory Percentage of completion of beginning inventory Cost of direct materials in beginning work in 25% process Units started Units completed Units in ending work in process inventory Percentage of completion of ending units Spoiled units Cost added during current period: Direct materials Direct labor 70,000 50,000 20,000 95% 10,000 P655,200 P635,600 P616,000 Manufacturing overhead Work in process, beginning: Transferred In costs Conversion costs P82,900 P42,000 P647,500 Costs of units transferred In during current period Conversion costs are incurred evenly during the process. Direct materials costs are incurred when production is 90% complete. The inspection point is at 80% stage of production. Normal spoilage is 10% of all good units that pass inspection. 13. What is the cost of normal lost units? a. P157,990 b. P150,950 c. P155,990 d. P145,500

Name: Items 12 to 16 are based on the following data:Toy King Manufacturing
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Items 12 to 16 are based on the following data:Toy King Manufacturing Company produces a plastic toy in a two-stage molding andfinishing operation. The company uses the weighted average method of processcosting. During June, the following data were

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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