The following data were provided by Madilim Co.: WIP, beg Materials, chemicals WIP, beg Materials, chemicals (? Complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month Transferred to WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) 4,000 gallons P456,000 Labor – P100 per hour P62,500 Overhead P18,750 Cost added 21,000 gallons Materials, P2,284,000 20,000 gallons chemicals shipping department during the month Materials, cans Labor (P100 per hour) Overhead P70,000 P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shopping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hours at the rate of P30 per hour. Using FIFO, compute for the cost of the WIP, end.| www

The following data were provided by Madilim Co.: WIP, beg Materials, chemicals WIP, beg Materials, chemicals (? Complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month Transferred to WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) 4,000 gallons P456,000 Labor – P100 per hour P62,500 Overhead P18,750 Cost added 21,000 gallons Materials, P2,284,000 20,000 gallons chemicals shipping department during the month Materials, cans Labor (P100 per hour) Overhead P70,000 P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shopping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hours at the rate of P30 per hour. Using FIFO, compute for the cost of the WIP, end.| www

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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