4. Considering the following data forApril 2018 from Pink ManufacturingCompany, which makes silk pennantsand uses FIFO Process Costing. Alldirect materials are added at thebeginning of the costing process,and conversion costs are addedevenly during the process. Spoilage isdetected upon inspection at thecompletion of the process. Spoiledunits are disposed at a zero netdisposal value.Physical DirectUnitsDirectMaterialsConversionCostsWork in process, April 1Started in AprilCompleted and transferred out1,000P14,230P11,100?9,000Normal lost units100Abnormal lost units50Work in process, April 30Costs added during April2,000P121,180P277,500Stages of Completion of Work in ProcessMaterialsConversion CostsBeginning100%50%Ending100%30%Requirement:1.What are the equivalent units for materials and conversion cost?2. What is cost per equivalent units for materials and conversion costs (rounded)?2.What is the cost of the units completed and transferred out to the next department?3. What is the cost of the units in ending work in process?4. What is the cost assigned to abnormal lost units?

Process costing is a method of cost accounting, which is used where there is continuous production…

4. Considering the following data for April 2018 from Pink Manufacturing Company, which makes silk pennants and uses FIFO Process Costing. All direct materials are added at the beginning of the costing process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed at a zero net disposal value. Physical Direct Units Direct Conversion Materials Costs Work in process, April 1 Started in April Completed and transferred out 1,000 P14,230 P11,100 ? 9,000 100 Normal lost units Abnormal lost units 50 Work in process, April 30 Costs added during April 2,000 P121,180 P277,500 Stages of Completion of Work in Process Materials Conversion Costs Beginning 100% 50% Ending 100% 30% Requirement: 1.What are the equivalent units for materials and conversion cost? 2. What is cost per equivalent units for materials and conversion costs (rounded)? 2.What is the cost of the units completed and transferred out to the next department? 3. What is the cost of the units in ending work in process? 4. What is the cost assigned to abnormal lost units?

4. Considering the following data for April 2018 from Pink Manufacturing Company, which makes silk pennants and uses FIFO Process Costing. All direct materials are added at the beginning of the costing process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed at a zero net disposal value. Physical Direct Units Direct Conversion Materials Costs Work in process, April 1 Started in April Completed and transferred out 1,000 P14,230 P11,100 ? 9,000 100 Normal lost units Abnormal lost units 50 Work in process, April 30 Costs added during April 2,000 P121,180 P277,500 Stages of Completion of Work in Process Materials Conversion Costs Beginning 100% 50% Ending 100% 30% Requirement: 1.What are the equivalent units for materials and conversion cost? 2. What is cost per equivalent units for materials and conversion costs (rounded)? 2.What is the cost of the units completed and transferred out to the next department? 3. What is the cost of the units in ending work in process? 4. What is the cost assigned to abnormal lost 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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