The cost of ending inventory is: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are included at the inception of the process. Conversion costs are incurred evenly throughout the process. The machine roke down at 60% stage of completion due to inefficient operator that caused some of the units in process to be spoiled with no market value. Daily Custom Company uses FIFO in accumulating costs. Data provided for Sentember of the current year are as follows Work in process, beg. Started 30,000 units Mat-100%; CC-89.5% 80,000 units 86,000 units Completed & transferred Work in process, end Costs: 20,000 units Mat-100%; CC-75% Work in Process, beg. Materials P70,000 40,000 Conversion costs Added during the period: Materials P160,000 Conversion costs 122,480

The cost of ending inventory is: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are included at the inception of the process. Conversion costs are incurred evenly throughout the process. The machine roke down at 60% stage of completion due to inefficient operator that caused some of the units in process to be spoiled with no market value. Daily Custom Company uses FIFO in accumulating costs. Data provided for Sentember of the current year are as follows Work in process, beg. Started 30,000 units Mat-100%; CC-89.5% 80,000 units 86,000 units Completed & transferred Work in process, end Costs: 20,000 units Mat-100%; CC-75% Work in Process, beg. Materials P70,000 40,000 Conversion costs Added during the period: Materials P160,000 Conversion costs 122,480

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Description: The cost of ending inventory is: The cost of ending inventory is:Daily Custom Company manufactures plastic chairs in its Processing Department. Direet materials are includedat the inception of the process. Conversion costs are incurred evenly through

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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Similar questions

Calculate the value of ending inventory and cost of goods sold
The costs of ending inventory is similar under both periodic and perpetual inventory system if _________________ method is used. a. first-in, first-out (FIFO) b. standard cost c. weighted average d. last-in, first-out (LIFO)
Which of the following items are included when calculating the carrying cost of inventory? (Select all that apply.) ✔ warehousing costs manufacturing costs procurement costs O financing costs
In determining inventory's lower of cost or net realizable value, NRV is defined as: O Selling Cost O replacement cost Osales price less selling costs Sales Price
Explain the retail inventory method of estimating ending inventory.
Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.
Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.
fifo and lifo for cost of goods sold and cost of ending inventory