Summer Company makes a single product in two departments. The production data for Department B for 2019 follows: Units In process, August 1 (40% completed) Received from Department 1 Completed and transferred In process, August 31 (60% completed) 4,000 units 30,000 units 25,000 units 6,000 units Costs Received from Dept. 1 Materials Conversion costs In process, May 1 P 14,400 3,800 1,940 Added during May P 97,200 67,500 81,000 Materials are added at the start of the process and losses normally occur during the early stages of the operation. 32. Cost of goods manufactured using FIFO method а. Р 195,250 b. Р 193,040 с. Р211,040 d.) P 218,440 33. Cost of the ending work in process inventory using average costing а. Р44,640 b. P 45,840 с. Р46,362 d. P 46,800
Summer Company makes a single product in two departments. The production data for Department B for 2019 follows: Units In process, August 1 (40% completed) Received from Department 1 Completed and transferred In process, August 31 (60% completed) 4,000 units 30,000 units 25,000 units 6,000 units Costs Received from Dept. 1 Materials Conversion costs In process, May 1 P 14,400 3,800 1,940 Added during May P 97,200 67,500 81,000 Materials are added at the start of the process and losses normally occur during the early stages of the operation. 32. Cost of goods manufactured using FIFO method а. Р 195,250 b. Р 193,040 с. Р211,040 d.) P 218,440 33. Cost of the ending work in process inventory using average costing а. Р44,640 b. P 45,840 с. Р46,362 d. P 46,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PLEASE SHOW YOUR SOLUTION PO. THANKS
#32-33
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education