In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes:What is the equivalent units of production (EUP) on Materials in Department 1?15,00015,10016,00014,200What is the equivalent units of production (EUP) on Materials in Department 2?15,10015,00015,15014,800 Costs incurred:MaterialsDirect LaborOverheadTotalProcess 1Process 2Process 333,75030,00022,72518,18070,90527,72930 20024,64824,16088,11050% at beginning, 50% 40% at beginning, 30% atat 60% complete19,71872,095Materials are added at:|100% at the beginning50% conplete, andremaining 30% at 80%complete.Started/Transferred In15,000 units1,000 units 50% complete.Cost: Materials P2,250; LaborP1,000; OH P800.15,200 units500 units 70% complete. 250 units 40% complete, 250Cost fom precedingdepartment P2,925;Materials P1,0003; LaborР525 оН Р420.15,300 Units5,700 unitsunits 70% complete. Costfrom preceding pepartmentP5,275; Materials P 495;Labor P440; OH P 352.15,400 UnitsIn process, beginningCompleted15,200 unitsIn Process, end800 units 50% complete400 units 50% complete 400 units at 70% complete

EUP is the term which is applied on closing work in process. There are the units which a company can…

Answered: Costs incurred: Materials Direct Labor…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the equivalent units of production (EUP) on Materials in Department 1? 15,000 15,100 16,000 14,200 What is the equivalent units of production (EUP) on Materials in Department 2? 15,100 15,000 15,150 14,800

Costs incurred:
Materials
Direct Labor
Overhead
Total
Process 1
Process 2
Process 3
33,750
30,000
22,725
18,180
70,905
27,729
30 200
24,648
24,160
88,110
50% at beginning, 50% 40% at beginning, 30% at
at 60% complete
19,718
72,095
Materials are added at:
|100% at the beginning
50% conplete, and
remaining 30% at 80%
complete.
Started/Transferred In
15,000 units
1,000 units 50% complete.
Cost: Materials P2,250; Labor
P1,000; OH P800.
15,200 units
500 units 70% complete. 250 units 40% complete, 250
Cost fom preceding
department P2,925;
Materials P1,0003; Labor
Р525 оН Р420.
15,300 Units
5,700 units
units 70% complete. Cost
from preceding pepartment
P5,275; Materials P 495;
Labor P440; OH P 352.
15,400 Units
In process, beginning
Completed
15,200 units
In Process, end
800 units 50% complete
400 units 50% complete 400 units at 70% complete

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