Cosby Company uses a process costing system. The company adds all materials at the beginning of the process in the Molding Department, which is the first of two stages of its production process. Information concerning the materials used in the Molding Department during March is as follows: Units started during March- 112,000 units, Units completed and transferred- 97,000 units, Units in process, end (50% complete)- 15,000, Material Cost- P57,120, Conversion Cost- P142,800.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume there was a loss of 10,000 units, normal loss of company is 5% of good units which are discovered at the 40% stage of completion which is the inspection point. What is the cost of goods completed and transferred to be recorded?
 
P193,732.22
P183,301.88
P188,263.52
P188,452.02
Cosby Company uses a process costing system. The
company adds all materials at the beginning of the
process in the Molding Department, which is the first of
two stages of its production process. Information
concerning the materials used in the Molding
Department during March is as follows: Units started
during March- 112,000 units, Units completed and
transferred- 97,000 units, Units in process, end (50%
complete)- 15,000, Material Cost- P57,120, Conversion
Cost- P142,800.
Transcribed Image Text:Cosby Company uses a process costing system. The company adds all materials at the beginning of the process in the Molding Department, which is the first of two stages of its production process. Information concerning the materials used in the Molding Department during March is as follows: Units started during March- 112,000 units, Units completed and transferred- 97,000 units, Units in process, end (50% complete)- 15,000, Material Cost- P57,120, Conversion Cost- P142,800.
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