PRÓBLEM 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 P 15,600

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. a. 645,690 b. 88,627.50 c. 7,897.50 I ONLY NEED THE SOLUTIONS. THANK YOU
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
P 15,600
20,700
Conversion
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
Transcribed Image Text: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 P 15,600 20,700 Conversion 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
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Challenges in accounting and analysis of international transactions
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education