Quantity data: Beginning WIP Received preceding department Completed and Transferred Ending WIP 40,000 40% complete as to materials and 25% for conversion cost 120,000 130,000 30,000 20% complete as to materials and 30% for conversion cost Beginning Cost data: Balance TMC Cost this department Raw Materials P13,680.00 P72,000.00 38,700.00 96,000.00 P59,460.00 P206,700.00 Conversion Cost 5,780.00 Cost preceding department 40,000.00 Total

Quantity data: Beginning WIP Received preceding department Completed and Transferred Ending WIP 40,000 40% complete as to materials and 25% for conversion cost 120,000 130,000 30,000 20% complete as to materials and 30% for conversion cost Beginning Cost data: Balance TMC Cost this department Raw Materials P13,680.00 P72,000.00 38,700.00 96,000.00 P59,460.00 P206,700.00 Conversion Cost 5,780.00 Cost preceding department 40,000.00 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Describe the Units-of-Production Method?
Question: In cost accounting, what is the primary purpose of calculating the predetermined overhead rate? A) To allocate indirect costs to products based on a predetermined formula.B) To determine the actual overhead costs incurred during a specific production period.C) To calculate variable costs associated with each unit of production.D) To assess fixed costs that remain constant regardless of production levels.
Explain the calculation of equivalent units of production.
What information is contained in a production report? What are equivalent units and how would a company calculate them? How does the production report and equivalent units relate to unit costs?
When using a normal costing system direct material and direct labor are recorded at standard cost and overhead is treated as a period cost. direct material and direct labor are recorded at actual cost and overhead is treated as a period cost. direct material and direct labor are recorded at standard cost and overhead is applied to products using a predetermined overhead rate. direct material and direct labor are recorded at actual cost and overhead is applied to products using a predetermined overhead rate.
Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Office manager salary
Manufacturers have established a cost classification called product costs. Define the term "product cost" and note where these costs appear in the financial statements. Be specific.
What is the purpose of the Costs Accounted For section of the production cost report?
Period costs include: a. current liabilities on the balance sheet b. operating costs that are shown on the income statement in the period in which they are incurred c. current assets on the balance sheet d. operating costs that are shown on the income statement when the products are sold
Which method of determining operating income is used internally for decision making and considers fixed factory overhead a period expense?
Use the cost per equivalent unit to assign costs to the work completed during the period.
Choose the three components of product cost from the list below. a) Indirect material, direct material and direct labour b) Direct labour, indirect labour and direct material c) Direct material, direct labour and production overhead d) Indirect labour, indirect material and production overhead