Problem 3. FIFO CostingPapaya Company manufactures soap in two departments in a continuousprocess. The following data is available for May 2020.Department 1Department 2UNITS:Beginning work in process:Conversion costs, 65% completeConversion costs, 40% completeStarted in production during MayTransferred out to Department 2Transferred out to Finished GoodsEnding work in process:5,0007,00050,00045,000Eus 43,000Conversion costs, 75% completeConversion costs, 50% complete10,000200 9,000COSTS:Beginning work in process:07 21Transferred in costs from prior departmentAdded this department:P30,000Direct MaterialP13,0008,500Manufacturing Overhead (applied) 10.97514,6009,20011.760P65.560Direct LaborTotal biviaAdded during the period:P32.475P65,00090,00052,825Direct materialsP45,00070,000Direct LaborManufacturing Overhead (applied)39,962w doubeP207.825P154.962TotalAdditional Information:while conversion costs are applied evenly during the process.Required:a. Department 1b. Department 2a, Department 1b.Department2652. a cost of report.All are at the of the of department1. of production.

Department 1 Physical units Materials Conversion Work in Process Beginning 5000 Started…

Problem 3. FIFO Costing Papaya Company manufactures soap in two departments in a continuous process. The following data is available for May 2020. Department 1 Department 2 UNITS: Beginning work in process: Conversion costs, 65% complete Conversion costs, 40% complete Started in production during May Transferred out to Department 2 Transferred out to Finished Goods Ending work in process: 5,000 7,000 50,000 45,000 43,000 Conversion costs, 75% complete Conversion costs, 50% complete 10,000 9,000 COSTS: Beginning work in process: Transferred in costs from prior department blat Added this department: P30,000 Direct Material Direct Labor Manufacturing Overhead (applied) 10.975 P13,000 8,500 14,600 9,200 11.760 P65.560 Total viat P32.475 Added during the period: Direct materials Direct Labor Manufacturing Overhead (applied) 39.962 Total P65,000 P45,000 70,000 90,000 52.825 P207.825 P154.962 neni Additional Information: All direct materials are added at the beginning of the process of each department while conversion costs are applied evenly during the process 1. Compute equivalent unit of production. a. Department 1 b. Department 2 Required: 2. Prepare a separate cost of production report a. Department 1 b.Department2

Problem 3. FIFO Costing Papaya Company manufactures soap in two departments in a continuous process. The following data is available for May 2020. Department 1 Department 2 UNITS: Beginning work in process: Conversion costs, 65% complete Conversion costs, 40% complete Started in production during May Transferred out to Department 2 Transferred out to Finished Goods Ending work in process: 5,000 7,000 50,000 45,000 43,000 Conversion costs, 75% complete Conversion costs, 50% complete 10,000 9,000 COSTS: Beginning work in process: Transferred in costs from prior department blat Added this department: P30,000 Direct Material Direct Labor Manufacturing Overhead (applied) 10.975 P13,000 8,500 14,600 9,200 11.760 P65.560 Total viat P32.475 Added during the period: Direct materials Direct Labor Manufacturing Overhead (applied) 39.962 Total P65,000 P45,000 70,000 90,000 52.825 P207.825 P154.962 neni Additional Information: All direct materials are added at the beginning of the process of each department while conversion costs are applied evenly during the process 1. Compute equivalent unit of production. a. Department 1 b. Department 2 Required: 2. Prepare a separate cost of production report a. Department 1 b.Department2

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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Using The FIFO Method of Process Costing, prepare journal entries
A22
a.) The cost of Work in process End in Finishing Dept. is?
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How do you get the $41,200 from the 70% of 85000 units shown in answer 2 solution