The production data for Department I for August 2015 are as follows:WIP, August 1 (1/4 done as to conversion costs)Started in August100,000 units740,000 unitsTransferred Out during August610,000 unitsSpoiled UnitsCosts of Beginning Work in Process:80,000 unitsMaterialsP1,250,000ConversionP150,000Current Costs:MaterialsP7,400,000ConversionP4,710,000Unit Costs:MaterialsConversion CostsP6Materials are added at the start of the process.The Company uses the FIFO method of costing.Inspection occurs, when production is 100% complete.Normal spoilage is 11% of goods units transferred out during August.What are the cost allocated to?In Process, End3,426,400Next DepartmentPeriod Costa. 8,160,00001,280,000b. 11,140,0002,220,000206,400c. 9,860,0003,239,600205,000d. 11,083,6002,220,000206,400

Calculate the no. of equivalent units of production as follows: Units Particulars Units out…

Answered: gWork in Process: P1,250,000 P150,000…

Business

Accounting

gWork in Process: P1,250,000 P150,000 P7.400.000

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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Question

The production data for Department I for August 2015 are as follows:
WIP, August 1 (1/4 done as to conversion costs)
Started in August
100,000 units
740,000 units
Transferred Out during August
610,000 units
Spoiled Units
Costs of Beginning Work in Process:
80,000 units
Materials
P1,250,000
Conversion
P150,000
Current Costs:
Materials
P7,400,000
Conversion
P4,710,000
Unit Costs:
Materials
Conversion Costs
P6
Materials are added at the start of the process.
The Company uses the FIFO method of costing.
Inspection occurs, when production is 100% complete.
Normal spoilage is 11% of goods units transferred out during August.
What are the cost allocated to?
In Process, End
3,426,400
Next Department
Period Cost
a. 8,160,0000
1,280,000
b. 11,140,000
2,220,000
206,400
c. 9,860,000
3,239,600
205,000
d. 11,083,600
2,220,000
206,400

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