P114 Zealand Company in its production process points out some units as spoiled (normai). Books of accounts shows following data for the month of December: Units started 5,000 units Units completed 3,000 units 700 units Normal spoilage Ending inventory 1,300 units Ending inventory is fully completed with respect to materials. Direct material introduced Into production amounted to P80,000. compute the cost per equivalent unit

P114 Zealand Company in its production process points out some units as spoiled (normai). Books of accounts shows following data for the month of December: Units started 5,000 units Units completed 3,000 units 700 units Normal spoilage Ending inventory 1,300 units Ending inventory is fully completed with respect to materials. Direct material introduced Into production amounted to P80,000. compute the cost per equivalent unit

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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a. Under Weighted Average Method, the EUP, what was the total unit cost?
Question 2 In March, one of the processing departments at ABC Corporation had starting work in process inventory of Rs.25,000 and ending work in process inventory of Rs. 34,000. During March, Rs.290,000 of costs were added to production and the cost of units transferred out from the department was Rs.281,000. In the department's cost reconciliation report for March, the total cost to be accounted for under the weighted-average method would be:
BRIAN POGI Co. manufactured the following units: Saleable 10,000 units Unsaleable Normal Loss 400 units Abnormal Loss 600 units Manufacturing costs totaled P198,000. How much is the period cost?
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Required: Prepare å Fi-4 Zealand Company in its production process points out some units as spoiled (normal). Books of accounts shows following data for the month of December: Units started 5,000 units Units completed 3,000 units Normal spoilage 700 units 1,300 units Ending inventory inaing inventory is fully completed with respect to materials. Direct material introduced into production amounted to P80,000. compute the cost per equivalent unit
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A. P234,300B. P250,000C. P235,000D. P265,000E. None of the above
7-12
The Coronado Company began the period with no units in process or in Finished Goods inventory. During the period it began 96000 units and completed 77000 units. If equivalent units of production for the period totalled 89350, then the units in process were what percent complete? (rounded) 86.4% 86.2% 65.0% 80.2%
Exercise 8-42 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3, 4, 6) Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory ((8,300 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 37,100 Department T conversion costs 9,842 Current work (19,100 units started) Prior department costs 91,680 Department T costs 183,150 The ending inventory has 3,300 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)
(Appendix 10B) The Dexon Company makes and sells a single product, called a Mip, and employs a standard costing system. The following standards have been established for one unit of Mip: Standard Quantity or Hours Standard Cost per Mip Direct Materials 6 board metre $9.00 Direct Labour 0.8 hours $9.60 There were no inventories of any kind on August 1. During August, the following events occurred:Purchased 15,000 board metres at the total cost of $24,000.Used 12,000 board metres to produce 2,100 Mips.Used 1,700 hours of direct labour time at a total cost of $20,060.(Appendix 10B) To record the incurrence of direct labour cost and its use in production, the general ledger would include what entry to the Labour Rate Variance account? Question 10 options: $240 credit. $240 debit. $340 debit. $340 credit.