PROBLEM 8The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which usesprocess costing system:Opening inventory of work in process:Units – 500 (with all materials added and 50% of labor and overhead)Cost - Materials2, 400Labor1, 500Factory overhead760Put into production:Units – 5, 000Costs - Materials25, 100Labor19, 380Factory overhead14, 900Completed and transferred – 4, 800 unitsEnding inventory of work in process:Units – 700 (with all materials, and 60% of labor and overhead)10. The cost per equivalent unit (rounded to nearest centavo) under FIFO:11. The cost per equivalent unit (rounded to nearest centavo) under weighted average:

Name: PROBLEM 8The following data for the month of September were taken for
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Description: PROBLEM 8The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which usesprocess costing system:Opening inventory of work in process:Units – 500 (with all materials added and 50% of labor

There are many methods of inventory valuation like FIFO, LIFO and Weighted Average.

Answered: 800 units cess: aterials, and 60% of…

Business

Accounting

800 units cess: aterials, and 60% of labor and overl

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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