Pasay Manufacturing Company manufactures fire extinguishers and uses FIFO method for process and inventory costing. In valuing the finished goods inventory, the costs of units completed from the WIP beginning are kept separate from the costs of those started and completed during the period. The total manufacturing costs for the month of June were P924,000. There were 5,500 units that were completed during the month. All costs were uniformly applied to production. At the beginning of the period, there were 2,500 units in process that were 20% incomplete with a total cost of P448,000 and 1200 of completed fire extinguishers with a total cost of P268,800. At the end of the month, there were 1,000 units in process that were 50% complete and 1,400 of completed fire extinguishers.

Pasay Manufacturing Company manufactures fire extinguishers and uses FIFO method for process and inventory costing. In valuing the finished goods inventory, the costs of units completed from the WIP beginning are kept separate from the costs of those started and completed during the period. The total manufacturing costs for the month of June were P924,000. There were 5,500 units that were completed during the month. All costs were uniformly applied to production. At the beginning of the period, there were 2,500 units in process that were 20% incomplete with a total cost of P448,000 and 1200 of completed fire extinguishers with a total cost of P268,800. At the end of the month, there were 1,000 units in process that were 50% complete and 1,400 of completed fire extinguishers.

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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