Zoey Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.. For November 2021, Masipag Company presented the following costs on three processes:A.What is the total costs transferred from Department 1 to Department 2? P 84,040P110,450P 70,760P115,760 B. What is the total costs transferred from Department 2 to Department 3?P177,185P184,175P212,135P203,625 Costs incurred:Process 1Process 2Process 345,00039,04031,720Materials38,77534,800.00Direct Labor34,95032,550.0026,040.00100% at the beginning 50% at beginning, 50% 40% at beginning, 30%at 50% complete, andremaining 30% at 80%Overhead27,960Materials are added at:at 60% completecomplete.25,000 unitsCompleted and transferred ou 23,500 units1,500 units 60%convertedStarted/Transferred In??22,500 units1,000 units 80%20,500 units1,000 units 30%converted, 1,000 units70% convertedIn Process, endconverted

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Zoey Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.. For November 2021, Masipag Company presented the following costs on three processes:

A.What is the total costs transferred from Department 1 to Department 2?

P 84,040

P110,450

P 70,760

P115,760

B. What is the total costs transferred from Department 2 to Department 3?

P177,185

P184,175

P212,135

P203,625

Costs incurred:
Process 1
Process 2
Process 3
45,000
39,040
31,720
Materials
38,775
34,800.00
Direct Labor
34,950
32,550.00
26,040.00
100% at the beginning 50% at beginning, 50% 40% at beginning, 30%
at 50% complete, and
remaining 30% at 80%
Overhead
27,960
Materials are added at:
at 60% complete
complete.
25,000 units
Completed and transferred ou 23,500 units
1,500 units 60%
converted
Started/Transferred In
?
?
22,500 units
1,000 units 80%
20,500 units
1,000 units 30%
converted, 1,000 units
70% converted
In Process, end
converted

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