Reyes Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Reyes Company presented the following costs on three processes:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What is the total costs transferred from Department 2 to Department 3? a.P200,045 b.P280.702 c.P274,140 d.P195,175 What is the amount of cost of goods manufactured? a.P200,045 b.P274,140 c.P280.702 d.None of the above
Reyes Company produces a product that undergoes three processes and the
completed items at end of process 3 are the items to be sold to customers. For
November 2021, Reyes Company presented the following costs on three
processes:
Costs incurred:
Materials
Direct Labor
Overhead
Materials are added
at:
Process 1
Process 2
Process 3
45,000
39,000
38,000
32,895
28,275
29,240
22,620
100% at the 50% at beginning, 40% at beginning, 30% at
31,200
23,392
beginning
50% at 60%
complete
50% complete, and
remaining 30% at 80%
complete.
Started/Transferred In 20,000 units ?
Completed and
transferred out
In Process, end
19,000 units 18,500 units
18,000 units
1,000 units
50% complete complete
500 units 70%
250 units 40% complete, 250
units 70% complete
Transcribed Image Text:Reyes Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Reyes Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 Process 2 Process 3 45,000 39,000 38,000 32,895 28,275 29,240 22,620 100% at the 50% at beginning, 40% at beginning, 30% at 31,200 23,392 beginning 50% at 60% complete 50% complete, and remaining 30% at 80% complete. Started/Transferred In 20,000 units ? Completed and transferred out In Process, end 19,000 units 18,500 units 18,000 units 1,000 units 50% complete complete 500 units 70% 250 units 40% complete, 250 units 70% complete
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