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December 2021 Costs incurred: Materials Direct Labor Overhead Total Materials are added Started/Transferred In (units) In process, beginning (units) Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) Normal Loss - not more than 900 units Abnormal loss (units) Quality Control Inspection Made Process 1 300,510.00 198,000.00 158,400.00 656,910.00 the beginning of the process. 50,000 1,000 49,000 2,000 50% at the end of the process Process 2 246,225.00 170,625.00 136,500.00 553,350.00 49,000 1,500 47,000 2,000 50% Process 3 900 600 at the end of the process 189,375.00 142,785.00 112,320.00 444,480.00 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. 50% at the beginning of the process, another 30% at 70% remaining 20% at 90% of the process. 47,000 1,500 45,000 2,000 60% 900 600 at the end of the process

December 2021 Costs incurred: Materials Direct Labor Overhead Total Materials are added Started/Transferred In (units) In process, beginning (units) Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) Normal Loss - not more than 900 units Abnormal loss (units) Quality Control Inspection Made Process 1 300,510.00 198,000.00 158,400.00 656,910.00 the beginning of the process. 50,000 1,000 49,000 2,000 50% at the end of the process Process 2 246,225.00 170,625.00 136,500.00 553,350.00 49,000 1,500 47,000 2,000 50% Process 3 900 600 at the end of the process 189,375.00 142,785.00 112,320.00 444,480.00 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. 50% at the beginning of the process, another 30% at 70% remaining 20% at 90% of the process. 47,000 1,500 45,000 2,000 60% 900 600 at the end of the process

FINANCIAL ACCOUNTING
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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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,2022. Company presented the following costs on processes: In December, under FIFO method, what is average unit cost of inventory transferred from Process 2 to Process 3? P24.56 P25.03 P25.22 P24.76
December 2021 Costs incurred: Process 1 Process 2 Process 3 300,510.00 198,000.00 158,400.00 656,910.00 246,225.00 170,625.00 136,500.00 553,350.00| 189,375.00 142,785.00 112,320.00 444,480.00 Materials Direct Labor Overhead Total 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 00% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 00% of the process. Started/Transferred In (units) In process, beginning (units) Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) 50,000 1,000 49,000 49,000 1,500 47,000 47,000 1,500 45,000 2,000 2,000 2,000 50% 50% 60% Normal Loss- not more than 900 units 900 900 Abnormal loss (units) 600 600 Quality Control Inspection Made at the end of the process at the end of the process at the end of the process
Transcribed Image Text:December 2021 Costs incurred: Process 1 Process 2 Process 3 300,510.00 198,000.00 158,400.00 656,910.00 246,225.00 170,625.00 136,500.00 553,350.00| 189,375.00 142,785.00 112,320.00 444,480.00 Materials Direct Labor Overhead Total 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 00% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 00% of the process. Started/Transferred In (units) In process, beginning (units) Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) 50,000 1,000 49,000 49,000 1,500 47,000 47,000 1,500 45,000 2,000 2,000 2,000 50% 50% 60% Normal Loss- not more than 900 units 900 900 Abnormal loss (units) 600 600 Quality Control Inspection Made at the end of the process at the end of the process at the end of the process
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