Use FIFO Method PROBLEM 23: Cost of Production ReportThe following information is available for DVC Corporation for the currentmonth:Started this monthBeginning WIP (3/5 incomplete)Total spoilageAbnormal spoilageEnding WIP (30% to be done)Transferred out120,00011,2503,0001,350UnitsUnits .UnitsUnits?Units108,750UnitsBeginning Work in Process Costs:MaterialP 15,60020,700ConversionCurrent Costs:P 180,000525,915MaterialConversionAll materials are added at the start of production and the inspection point is atthe end of the process. Using the more accurate method representing thephysical flow of units.Required:a. Total costs of units transferred-outb. The amount of work in-process, endc. Cost of abnormal loss units

Equivalent units of products concept came in to existence when some units are not fully completed at…

PROBLEM 23: Cost of Production Report The following information is available for DVC Corporation for the current month: Started this month Beginning WIP (3/5 incomplete) Total spoilage Abnormal spoilage Ending WIP (30% to be done) Transferred out 120,000 11,250 3,000 1,350 Units Units . Units Units ? Units 108,750 Units Beginning Work in Process Costs: Material Conversion P 15,600 20,700 Current Costs: P 180,000 525,915 Material Conversion All materials are added at the start of production and the inspection point is at the end of the process. Using the more accurate method representing the physical flow of units. Required: a. Total costs of units transferred-out b. The amount of work in-process, end c. Cost of abnormal loss units

PROBLEM 23: Cost of Production Report The following information is available for DVC Corporation for the current month: Started this month Beginning WIP (3/5 incomplete) Total spoilage Abnormal spoilage Ending WIP (30% to be done) Transferred out 120,000 11,250 3,000 1,350 Units Units . Units Units ? Units 108,750 Units Beginning Work in Process Costs: Material Conversion P 15,600 20,700 Current Costs: P 180,000 525,915 Material Conversion All materials are added at the start of production and the inspection point is at the end of the process. Using the more accurate method representing the physical flow of units. Required: a. Total costs of units transferred-out b. The amount of work in-process, end c. Cost of abnormal loss units

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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