What is the total costs transferred from Department 2 to Department 3?a.P200,045b.P280.702c.P274,140d.P195,175What is the amount of cost of goods manufactured?a.P200,045b.P274,140c.P280.702d.None of the above Reyes Company produces a product that undergoes three processes and thecompleted items at end of process 3 are the items to be sold to customers. ForNovember 2021, Reyes Company presented the following costs on threeprocesses:Costs incurred:MaterialsDirect LaborOverheadMaterials are addedat:Process 1Process 2Process 345,00039,00038,00032,89528,27529,24022,620100% at the 50% at beginning, 40% at beginning, 30% at31,20023,392beginning50% at 60%complete50% complete, andremaining 30% at 80%complete.Started/Transferred In 20,000 units ?Completed andtransferred outIn Process, end19,000 units 18,500 units18,000 units1,000 units50% complete complete500 units 70%250 units 40% complete, 250units 70% complete

Equivalent units refer to the quantity of incomplete units manufactured by the company expressed in…

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:

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

Section: Chapter Questions

Problem 1Q

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Question

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

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