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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

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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Kindly answer the 2 questions.
Scrap is treated as a reduction in factory overhead if it is traceable to a particular job. True False
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
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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