ABC company accumulated the following cost in Department B During the Month of November:田Cost Transferredfrom Dept. AMaterialTotalP 17,050184.000P 201,050ConversionCostsP 5,450104.000P 109,450P 22,500322,000P344,500Beginning InventoryCurrent Period CostР 34.000P 34,000Production for November in Department B (in units):2,000 60% complete20,0005,000 40% completeWIP-November 1Complete period transferredWIP-November 30Materials are not added in Department B until the very end of processing Department B.Required: Compute the value of ending WIP Using FIFO method:

Computation of equivalent units under FIFO method: Equivalent units = Beginning WIP units *…

ABC company accumulated the following cost in Department B During the Month of November: 田 Cost Transferred from Dept. A Material Total P 17,050 184.000 P 201,050 Conversion Costs P 5,450 104.000 P 109,450 P 22,500 322.000 P344,500 Beginning Inventory Current Period Cost P 34,000 P 34,000 Production for November in Department B (in units): 2,000 60% complete 20,000 5,000 40% complete WIP-November 1 Complete period transferred WIP-November 30 Materials are not added in Department B until the very end of processing Department B. Required: Compute the value of ending WIP Using FIFO method:

ABC company accumulated the following cost in Department B During the Month of November: 田 Cost Transferred from Dept. A Material Total P 17,050 184.000 P 201,050 Conversion Costs P 5,450 104.000 P 109,450 P 22,500 322.000 P344,500 Beginning Inventory Current Period Cost P 34,000 P 34,000 Production for November in Department B (in units): 2,000 60% complete 20,000 5,000 40% complete WIP-November 1 Complete period transferred WIP-November 30 Materials are not added in Department B until the very end of processing Department B. Required: Compute the value of ending WIP Using FIFO method:

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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