Case III. Xichaoma Pharma produces a vial as a treatment of COVID-19 disease which they called X-Cov-Plus. The company added all the chemicals in producing the product at the beginning of its mixing department. Conversion costs flow uniformly throughout the process. The next processes of mixing are Tabulating and Packaging. Information on the mixing operation for the month of July is as follows: Work in Process - Mixing Department July 1 balance (100,000 units, 40% Completed and transferred to Tabulating: complete for conversion costs) P151,760.00 Units: ? Cost: ? Direct materials added (1,000,000 units) P1,310,000 Direct labor cost P200,000 FOH (applied at 180% of DL) P396,000 July 31 balance (200,000 units, 70% complete for conversion costs): ? The July 1 balance consist of the following cost elements: Direct materials - P128,000; Direct labor - P8,800; and FOH - P14,960 Requirements: 1. Using FIFO method, compute the cost of completed and transferred to Tabulating department. 2. Using weighted average method, compute the cost of completed and transferred to Tabulating department.
Case III. Xichaoma Pharma produces a vial as a treatment of COVID-19 disease which they called X-Cov-Plus. The company added all the chemicals in producing the product at the beginning of its mixing department. Conversion costs flow uniformly throughout the process. The next processes of mixing are Tabulating and Packaging. Information on the mixing operation for the month of July is as follows: Work in Process - Mixing Department July 1 balance (100,000 units, 40% Completed and transferred to Tabulating: complete for conversion costs) P151,760.00 Units: ? Cost: ? Direct materials added (1,000,000 units) P1,310,000 Direct labor cost P200,000 FOH (applied at 180% of DL) P396,000 July 31 balance (200,000 units, 70% complete for conversion costs): ? The July 1 balance consist of the following cost elements: Direct materials - P128,000; Direct labor - P8,800; and FOH - P14,960 Requirements: 1. Using FIFO method, compute the cost of completed and transferred to Tabulating department. 2. Using weighted average method, compute the cost of completed and transferred to Tabulating department.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hiii
Transcribed Image Text:Case III. Xichaoma Pharma produces a vial as a treatment of COVID-19 disease which they
called X-Cov-Plus. The company added all the chemicals in producing the product at the
beginning of its mixing department. Conversion costs flow uniformly throughout the process.
The next processes of mixing are Tabulating and Packaging. Information on the mixing
operation for the month of July is as follows:
Work in Process - Mixing Department
July 1 balance (100,000 units, 40% Completed and transferred to Tabulating:
complete for conversion costs) P151,760.00
Units: ?
Cost: ?
Direct materials added (1,000,000 units)
P1,310,000
Direct labor cost P200,000
FOH (applied at 180% of DL) P396,000
July 31 balance (200,000 units, 70% complete for conversion costs): ?
The July 1 balance consist of the following cost elements:
Direct materials - P128,000; Direct labor - P8,800; and FOH - P14,960
Requirements:
1. Using FIFO method, compute the cost of completed and transferred to Tabulating
department.
2. Using weighted average method, compute the cost of completed and transferred to
Tabulating department.
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