Problem 7Barcelona Beach Products reports the following data for the first department in its production process:5,00035,00033,0005,0002,000Units in process at beginning of period (all materials; 3/4 labor and factory overhead)Units started in processUnits transferred outUnits still in process (all materials; 1/2 labor and factory overhead)Units completed but not yet transferred to Finished GoodsRelated data were:Work in Process atAdded DuringBeginning of PeriodP100,000125,400173,500P398,900the PeriodMaterialsP 304,000407,100407,750P 1,118,850LaborFactory overheadTotalRequired: Using the average costing method: (please show the ave method solution)a. Compute the unit cost for:i. Materialsii. Laboriii. Factory overhead.b. Determine the cost of the work in process ending inventory.

Name: Problem 7Barcelona Beach Products reports the following data for the
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Description: Problem 7Barcelona Beach Products reports the following data for the first department in its production process:5,00035,00033,0005,0002,000Units in process at beginning of period (all materials; 3/4 labor and factory overhead)Units started in proces

The average cost technique divides the overall cost of goods purchased or produced in a period by…

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Barcelona Beach Products reports the following data for the first department in its production process: Units in process at beginning of period (all materials; 3/4 labor and factory overhead) Units started in process 5,000 35,000 33,000 5,000 2,000 Units transferred out Units still in process (all materials; 1/2 labor and factory overhead) Units completed but not yet transferred to Finished Goods Related data were: Added During the Period P 304,000 407,100 407,750 P 1,118,850 Work in Process at Beginning of Period P100,000 125,400 173.500 P398,900 Materials Labor Factory overhead Total Required: Using the average costing method: (please show the ave method solution) a. Compute the unit cost for: i. Materials ii. Labor iii. Factory overhead. b. Determine the cost of the work in process ending inventory.

Barcelona Beach Products reports the following data for the first department in its production process: Units in process at beginning of period (all materials; 3/4 labor and factory overhead) Units started in process 5,000 35,000 33,000 5,000 2,000 Units transferred out Units still in process (all materials; 1/2 labor and factory overhead) Units completed but not yet transferred to Finished Goods Related data were: Added During the Period P 304,000 407,100 407,750 P 1,118,850 Work in Process at Beginning of Period P100,000 125,400 173.500 P398,900 Materials Labor Factory overhead Total Required: Using the average costing method: (please show the ave method solution) a. Compute the unit cost for: i. Materials ii. Labor iii. Factory overhead. b. Determine the cost of the work in process ending inventory.

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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