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Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end

Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end

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 23: Cost of Production Report (Continuous) RMG Corporation has the following information for the current month: Units started units Beginning Work in Process: (65% to be done) Total spoilage Spoilage within tolerance level Ending Work in Process: (20% incomplete) Transferred out 175,000 35,000 14,875 6,125 25,375 units units units units ? units Beginning Work in Process Costs: Material P46,250 60,675 Conversion Current Costs: P170,625 265,335 Material Conversion All materials are added at the start of the production process. RMG Corporation inspects goods at 100 percent completion as to conversion. Using the method that does not commingle the beginning and current period production activity Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end
Transcribed Image Text:PROBLEM 23: Cost of Production Report (Continuous) RMG Corporation has the following information for the current month: Units started units Beginning Work in Process: (65% to be done) Total spoilage Spoilage within tolerance level Ending Work in Process: (20% incomplete) Transferred out 175,000 35,000 14,875 6,125 25,375 units units units units ? units Beginning Work in Process Costs: Material P46,250 60,675 Conversion Current Costs: P170,625 265,335 Material Conversion All materials are added at the start of the production process. RMG Corporation inspects goods at 100 percent completion as to conversion. Using the method that does not commingle the beginning and current period production activity Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end
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