FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Tech Enterprise makes a single product in two departments. The production data for Department B for August 2019 follows:

 

Quantities:    
     
In process, August 1 (40% complete)   4,000 units
Received from Department A   30,000 units
Completed and transferred   25,000 units
In process, August 31 (60% complete)   6,000 units
     
Production costs:    
  August 1 August 31
Transferred in P48,900 P267,300
Materials 11,400 202,500
Conversion cost 5,820 243,000

Materials are added at the start of the process, and losses normally occur during the early stage of the operation.

Cost of goods manufactured using FIFO method.

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