Under FIFO, how much is the cost of the work in process at the beginning?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019:

               Units:

                              In process, October 1 (2/5 completed)           9,600 gallons

                              Received from Department A                         30,000 gallons

                              Finished and transferred                                  25,200 gallons

                              In process, October 31 (1/4 complete)           11,700 gallons

               Costs:

                              In process beginning                                        P5,760

                              Received from Department A                         30,000

                              Current costs

                                             Materials                                            19,440

                                             Labor                                                    7,290

                                             Overhead                                             2,430

    Under FIFO, how much is the cost of the work in process at the beginning?

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