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Solve using weighted average. Show the solution in good accounting form

Solve using weighted average. Show the solution in good accounting form

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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Solve using weighted average. Show the solution in good accounting form
Spoilage within tolerance level Beginning Work in Process Costs: Beginning Work in Process: (65% to be done) PROBLEM 23: Cost of Production Report (Continuous) RMG Corporation has the following information for the current month: Ending Work in Process: (20% incomplete) 175,000 35,000 14,875 6,125 25,375 Units started units units units Total spoilage units units units Transferred out ? Material Conversion P46,250 60,675 Current Costs: Material Conversion P170,625 265,335 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:Spoilage within tolerance level Beginning Work in Process Costs: Beginning Work in Process: (65% to be done) PROBLEM 23: Cost of Production Report (Continuous) RMG Corporation has the following information for the current month: Ending Work in Process: (20% incomplete) 175,000 35,000 14,875 6,125 25,375 Units started units units units Total spoilage units units units Transferred out ? Material Conversion P46,250 60,675 Current Costs: Material Conversion P170,625 265,335 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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