The Jordan Company operates three producing departments, X, Y and Z. it uses the weighted average costing method. The following data are on the production of Department Y for August, 2018: Units Added in Department X Transfer in Materials Conversion Cost In process, Aug. 1 Received from Dept. X Total 5,000 20,000 9,990 39,010 1,020 21,855 998 21,877 25,000 Transferred out 19,000 Normal loss 1,000 Abnormal loss 500 In process, Aug. 31 4,500 Factory costs are applied evenly throughout the process. Beginning work in process was 20% done while ending work in process is % done. Abnormal loss occurred at the end of the process. What should be the accumulated cost of work in process as of August 31 if the normal loss occurred during the process (with adjustment for the lost units based in the remaining good units?

The Jordan Company operates three producing departments, X, Y and Z. it uses the weighted average costing method. The following data are on the production of Department Y for August, 2018: Units Added in Department X Transfer in Materials Conversion Cost In process, Aug. 1 Received from Dept. X Total 5,000 20,000 9,990 39,010 1,020 21,855 998 21,877 25,000 Transferred out 19,000 Normal loss 1,000 Abnormal loss 500 In process, Aug. 31 4,500 Factory costs are applied evenly throughout the process. Beginning work in process was 20% done while ending work in process is % done. Abnormal loss occurred at the end of the process. What should be the accumulated cost of work in process as of August 31 if the normal loss occurred during the process (with adjustment for the lost units based in the remaining good units?

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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1. JYD Corporation had provided the following information for transactions that occurred during September. The following uses the JIT costing system: 1. Raw materials costing P600,000 were purchased b.. All materials costing P600,000 were used in production 1. Direct labor costs of P400,000 were incurred. 2. Actual factory overhead costs amounted to P1,990,000 3. Applied conversion costs totalled P2,600,000. This includes the direct labor cost. 4. All units are completed and immediately sold. The unadjusted cost of goods sold for the month of September was: Group of answer choices c. P3,200,000 a. P2,600,000 b. P2,990,000 d. P2,390,000 The over or under applied conversion costs is: a. P610,000 over b. P390,000 under d. P210,000 under c. P210,000 over
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Subject: acounting
1
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make a cost of production report using process costing fifo method
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