Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25.200 gallons In process, October 31 (1/4 complete) 11.700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430 Under FIFO, how much is the cost of the work in process at the end?
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25.200 gallons In process, October 31 (1/4 complete) 11.700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430 Under FIFO, how much is the cost of the work in process at the end?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained
for the month of October, 2019:
Units:
In process, October 1(2/5 completed)
9,600 gallons
Received from Department A
30,000 gallons
Finished and transferred
25.200 gallons
In process, October 31 (1/4 complete)
11.700 gallons
Costs:
In process beginning
P5,760
Received from Department A
30,000
Current costs
Materials
19,440
Labor
7,290
Overhead
2.430
Under FIFO, how much is the cost of the work in process at the end?
Transcribed Image Text:Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained
for the month of October, 2019:
Units:
In process, October 1 (2/5 completed)
9,600 gallons
Received from Department A
30,000 gallons
Finished and transferred
25,200 gallons
In process, October 31 (1/4 complete)
11,700 gallons
Costs:
In process beginning
P5,760
Received from Department A
30,000
Current costs
Materials
19,440
Labor
7,290
Overhead
2.430
Under Weighted Average Method, the EUP, Finished and Transferred was how many units?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education