be Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Jsing FIFO method, the unit cost is:

be Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Jsing FIFO method, the unit cost is:

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of
22,500, 40% incomplete; ending inventory units of 24,000 60% complete.
Conversion costs of beginning inventory of P9,800; current period conversion
costs of P204,125.
Using FIFO method, the unit cost is:
0.82
none of the choices
0.86
O 0.70

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