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Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units The cost of the beginning inventory was P14,500 and current period production costs were P834,400. Required: a. Compute equivalent production. b. Compute the unit cost. c. Compute the cost of the ending inventory of work in process.

Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units The cost of the beginning inventory was P14,500 and current period production costs were P834,400. Required: a. Compute equivalent production. b. Compute the unit cost. c. Compute the cost of the ending inventory of work in process.

FINANCIAL ACCOUNTING
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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Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units The cost of the beginning inventory was P14,500 and current period production costs were P834,400. Required: a. Compute equivalent production. b. Compute the unit cost. c. Compute the cost of the ending inventory of work in process. d. Compute the cost of goods completed and transferred to finished goods inventory.
Transcribed Image Text:Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units The cost of the beginning inventory was P14,500 and current period production costs were P834,400. Required: a. Compute equivalent production. b. Compute the unit cost. c. Compute the cost of the ending inventory of work in process. d. Compute the cost of goods completed and transferred to finished goods inventory.
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