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eginning of September, the Ellery Company had P 27,9 conversion cost - P 20,150) in Department A's begins The inventory consisted of 15,500 units which and 65% of conversion cost. During September, 36,C Costs incurred during the month 11 or e

eginning of September, the Ellery Company had P 27,9 conversion cost - P 20,150) in Department A's begins The inventory consisted of 15,500 units which and 65% of conversion cost. During September, 36,C Costs incurred during the month 11 or e

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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Note: Use average methon in answering the requirements

At the beginning of September, the Ellery Company had P 27,950 (direct materials – P7.800, conversion cost - P 20,150) in Department A's beginning work in process inventory. The inventory consisted of 15,500 units which had 100% of direct materiałs and 65% of conversion cost. During September, 36,000 units were started in process. Costs incurred during the month were: direct materials - P54,000; conversion costs P 79,000. As the 48,000 units were completed, they were immediately transferred to Department B. At the end of September, 3,500 were still in process and are 100% complete as to materials, and 45% converted. Required: Using average method and FIFO method determine the following 1. Equivalent production for materials and conversion cost 2. Unit cost for naterials and conversion cost 3. Total costs of units completed and transferred 4. Total costs of units in process, end
Transcribed Image Text:At the beginning of September, the Ellery Company had P 27,950 (direct materials – P7.800, conversion cost - P 20,150) in Department A's beginning work in process inventory. The inventory consisted of 15,500 units which had 100% of direct materiałs and 65% of conversion cost. During September, 36,000 units were started in process. Costs incurred during the month were: direct materials - P54,000; conversion costs P 79,000. As the 48,000 units were completed, they were immediately transferred to Department B. At the end of September, 3,500 were still in process and are 100% complete as to materials, and 45% converted. Required: Using average method and FIFO method determine the following 1. Equivalent production for materials and conversion cost 2. Unit cost for naterials and conversion cost 3. Total costs of units completed and transferred 4. Total costs of units in process, end
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