a. Under FIFO, how much is the cost of the work in process at the beginning?b. Under FIFO, how much is the cost of the completed units (finished and transferred out)? Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of10%. The following data were obtained for the month of October, 2019Units:|In process, October 1 (2/5 completed)Received from Department A9,600 gallons30,000 gallons25,200 gallons11,700 gallonsFinished and transferredIn process, October 31 (1/4 complete)Costs:In process beginningReceived from Department AP5,76030,000Current costsMaterials19,440Labor7,290Overhead2,430

SOLUTION WORKING- NORMAL LOSS EXPECTED (9600+30000)*10% 3960 ACTUAL ,LOSS…

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: 9,600 gallons In process, October 1 (2/5 completed) Received from Department A 30,000 gallons 25,200 gallons Finished and transferred |In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning Received from Department A P5,760 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430

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: 9,600 gallons In process, October 1 (2/5 completed) Received from Department A 30,000 gallons 25,200 gallons Finished and transferred |In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning Received from Department A P5,760 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430

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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In cost terms, direct labor cost is included inA. Manufacturing costsB. Prime costsC. Conversion costsD. B and CE. A, B and C
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
Prime costs are: A) Direct Materials only B) Direct Labor and Overhead C) Direct Materials and Overhead D) Direct Materials and Direct Labor
Please see the attached Help is greatly appreciated
How do you compute the unit varible cost for an item in manufacturing?
What is the purpose of the Costs Accounted For section of the production cost report?
Use the cost per equivalent unit to assign costs to the work completed during the period.
The three major cost components of manufacturing a product are,
A direct material standard cost is? The cost of direct materials that should be incurred to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production. The amount of direct materials that should be used to produce one unit of output or product.