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PROCESS 1- ACTIVITY IWAN Company started its operations for the year 2022 in the month of May. The company has three departments for manufacturing one product continuously. The departments are Cutting Department, Assembly Department, and Finishing Department. The production started in cutting department for 10,000 units. The following pertains for the current month production: IP, End 2,000 units (60% completed) and Completed and Transferred Out 8,000 units Cost incurred for the month are Direct Materials P10,000, Direct Labor P12,000, and FOH-A P12,000 A. Solve for the following: 1. EUP for Material 8. Total Cost as Accounted 4. Unit cost for Direct Labor 5. Unit Cost for FOH-A 6. Cost Allocated for IP, End 7. Cost Allocated for CTO 2. EUP for Conversion Cost 3. Unit Cost for Direct Material

PROCESS 1- ACTIVITY IWAN Company started its operations for the year 2022 in the month of May. The company has three departments for manufacturing one product continuously. The departments are Cutting Department, Assembly Department, and Finishing Department. The production started in cutting department for 10,000 units. The following pertains for the current month production: IP, End 2,000 units (60% completed) and Completed and Transferred Out 8,000 units Cost incurred for the month are Direct Materials P10,000, Direct Labor P12,000, and FOH-A P12,000 A. Solve for the following: 1. EUP for Material 8. Total Cost as Accounted 4. Unit cost for Direct Labor 5. Unit Cost for FOH-A 6. Cost Allocated for IP, End 7. Cost Allocated for CTO 2. EUP for Conversion Cost 3. Unit Cost for Direct Material

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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PROCESS 1- ACTIVITY IWAN Company started its operations for the year 2022 in the month of May. The company has three departments for manufacturing one product continuously. The departments are Cutting Department, Assembly Department, and Finishing Department. The production started in cutting department for 10,000 units. The following pertains for the current month production: IP, End 2,000 units (60% completed) and Completed and Transferred Out 8,000 units Cost incurred for the month are Direct Materials P10,000, Direct Labor P12,000, and FOH-A P12,000 A. Solve for the following: 1. EUP for Material 4. Unit cost for Direct Labor 8. Total Cost as Accounted 2. EUP for Conversion Cost 5. Unit Cost for FOH-A 6. Cost Allocated for IP, End 7. Cost Allocated for CTO 3. Unit Cost for Direct Material Using the following Assumptions/ Cases: A. Materials are added evenly B. Materials are added 100% at the beginning of the process C. Materials are added 100% at the end of the process D. Materials are added 50% at the beginning and another 50% at the end of the process E. Materials are added as follows: 30% at the beginning of the process; 20% when the units are 70% completed; and lastly 50% at the end of the process F. Materials are added as follows: 50% at the beginning of the process; 30% when the units are 50% completed; and lastly 20% at the end of the process
Transcribed Image Text:PROCESS 1- ACTIVITY IWAN Company started its operations for the year 2022 in the month of May. The company has three departments for manufacturing one product continuously. The departments are Cutting Department, Assembly Department, and Finishing Department. The production started in cutting department for 10,000 units. The following pertains for the current month production: IP, End 2,000 units (60% completed) and Completed and Transferred Out 8,000 units Cost incurred for the month are Direct Materials P10,000, Direct Labor P12,000, and FOH-A P12,000 A. Solve for the following: 1. EUP for Material 4. Unit cost for Direct Labor 8. Total Cost as Accounted 2. EUP for Conversion Cost 5. Unit Cost for FOH-A 6. Cost Allocated for IP, End 7. Cost Allocated for CTO 3. Unit Cost for Direct Material Using the following Assumptions/ Cases: A. Materials are added evenly B. Materials are added 100% at the beginning of the process C. Materials are added 100% at the end of the process D. Materials are added 50% at the beginning and another 50% at the end of the process E. Materials are added as follows: 30% at the beginning of the process; 20% when the units are 70% completed; and lastly 50% at the end of the process F. Materials are added as follows: 50% at the beginning of the process; 30% when the units are 50% completed; and lastly 20% at the end of the process
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