Scrap is treated as a reduction in factory overhead if it is traceable to a particular job. A True B False
Scrap is treated as a reduction in factory overhead if it is traceable to a particular job. A True B False
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 3Q: Why is it usually reasonable to assume that labor and factory overhead are added evenly throughout...
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Kindly answer the 2 questions.
![Scrap is treated as a reduction in factory overhead if it is traceable to a particular job.
True
False](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1771da64-1ebf-4fe8-8cc2-83361e387d90%2Ff5652805-b6d4-4804-816d-5ad4977fccd9%2Fdfazouu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Scrap is treated as a reduction in factory overhead if it is traceable to a particular job.
True
False
![The following information is to be used in costing inventory on February 28:
unit.
Feb 1- Beginning balance 5,800 units at P60 per
Feb - Issued 1,800 units to production.
Feb 8 - Purchased 3,000 units at P70 per unit.
Feb 9 Issued 2,000 units.
Feb 12 Purchased 1,500 units at P75 per unit.
Feb 18 - Issued to production 4,000 units.
Feb 25 - Purchased 3,000 units at P80 per
unit.
Feb 28 - Issued to production 3,500 units.
Assume the perpetual inventory system. What is the cost of materials used using FIFO method?
A P773,583
B P790,500
CP762,538
D
P750,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1771da64-1ebf-4fe8-8cc2-83361e387d90%2Ff5652805-b6d4-4804-816d-5ad4977fccd9%2Foiohdhw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is to be used in costing inventory on February 28:
unit.
Feb 1- Beginning balance 5,800 units at P60 per
Feb - Issued 1,800 units to production.
Feb 8 - Purchased 3,000 units at P70 per unit.
Feb 9 Issued 2,000 units.
Feb 12 Purchased 1,500 units at P75 per unit.
Feb 18 - Issued to production 4,000 units.
Feb 25 - Purchased 3,000 units at P80 per
unit.
Feb 28 - Issued to production 3,500 units.
Assume the perpetual inventory system. What is the cost of materials used using FIFO method?
A P773,583
B P790,500
CP762,538
D
P750,500
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