Problem 1. Colgate Palmolive Philippines employs a process cost system in the manufacture of toothpaste. Two departments are involved in the process: Department 1 and Department 2. No lost units are discovered in both departments. Below are the data n the Department 2 for the months of June and July: June 3,600 July In process at the beginning Materials Conversion costs 60% 33 1/3% Transferred in from Department 1 In process at the end Materials Conversion costs 9,000 2.400 7,500 2,700 33 1/3% 16 2/3% 50% 25% Costs of in process, beginning: Costs from Department 1 Materials Conversion costs Transferred in costs from Department 1 Materials costs added Conversion costs added P12,330 4,050 2,160 8,460 14,784 ? ? P9,675 11,730 3,384 2,592 REQUIRED: Prepare a cost of production report for the months of June and July using: (1) FIFO method and (2) WA method.

Problem 1. Colgate Palmolive Philippines employs a process cost system in the manufacture of toothpaste. Two departments are involved in the process: Department 1 and Department 2. No lost units are discovered in both departments. Below are the data n the Department 2 for the months of June and July: June 3,600 July In process at the beginning Materials Conversion costs 60% 33 1/3% Transferred in from Department 1 In process at the end Materials Conversion costs 9,000 2.400 7,500 2,700 33 1/3% 16 2/3% 50% 25% Costs of in process, beginning: Costs from Department 1 Materials Conversion costs Transferred in costs from Department 1 Materials costs added Conversion costs added P12,330 4,050 2,160 8,460 14,784 ? ? P9,675 11,730 3,384 2,592 REQUIRED: Prepare a cost of production report for the months of June and July using: (1) FIFO method and (2) WA method.

Name: Problem 1. Colgate Palmolive Philippines employs a process cost syste
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Description: Problem 1. Colgate Palmolive Philippines employs a process cost system in themanufacture of toothpaste. Two departments are involved in the process: Department 1and Department 2. No lost units are discovered in both departments. Below are the datain

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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Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
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