1. Faye Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations for the month of May 2019: Work in process inventory, May 1 Started in production during May Completed production during May Work in process inventory, May 31 The beginning work in process was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs. Cost pertaining to the month of Mat are as follows: • The beginning inventory cost are, materials, P54,560; direct labor, P20,320; and factory overhead, P15,240. 16,000 units 100,000 92,000 24,000 • Costs incurred during May are materials used, P468,000; direct labor, P182,880; and factory overhead, P391,160. Using the First-in, first-out (FIFO) method, the equivalent units of production for materials are a. 97,600 units c. 107,200 units b. 104,000 units d. 108,000 units

1. Faye Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations for the month of May 2019: Work in process inventory, May 1 Started in production during May Completed production during May Work in process inventory, May 31 The beginning work in process was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs. Cost pertaining to the month of Mat are as follows: • The beginning inventory cost are, materials, P54,560; direct labor, P20,320; and factory overhead, P15,240. 16,000 units 100,000 92,000 24,000 • Costs incurred during May are materials used, P468,000; direct labor, P182,880; and factory overhead, P391,160. Using the First-in, first-out (FIFO) method, the equivalent units of production for materials are a. 97,600 units c. 107,200 units b. 104,000 units d. 108,000 units

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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