Problem 3: ABM Company uses two departments to produce a product. The following data were taken from the books for the month of January, 2014. Department 1 Department 2 Units: Started Completed & transferred In process, end Stage of completion 60,000 40,000 20,000 75% 30,000 10,000 80% Costs: P 245,000 190,000 114,000 Department 1- all materials added at the beginning of the process. P 480,000 330,000 220,000 Materials Labor Factory overhead Department 2- 50% of the materials are added at the beginning of the process, remaining 50% added at the end of the process.

Problem 3: ABM Company uses two departments to produce a product. The following data were taken from the books for the month of January, 2014. Department 1 Department 2 Units: Started Completed & transferred In process, end Stage of completion 60,000 40,000 20,000 75% 30,000 10,000 80% Costs: P 245,000 190,000 114,000 Department 1- all materials added at the beginning of the process. P 480,000 330,000 220,000 Materials Labor Factory overhead Department 2- 50% of the materials are added at the beginning of the process, remaining 50% added at the end of the process.

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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