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

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

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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