a SY CORPORATION uses FIFO method in it'd processing system Data concerning the first processing department for the recent month are listed below Beginning work in process inventory Units in beg work in process inventory 900 Material Cost 9,800 Conversion Cost 9,200 Percentage complete with respect to materials 55 Percentage complete with respect to conversion 30 Units started into production during the month 8,400 Materials cost added during the month 130,400 conversation cost added during the month 220,600 Ending workin process inventory Units in ending workin process inventory 2,200 percentage complete with respect to materials 65 percentage complete with respect to conversion 25 questions the total cost for units transferred out from the first department the cost per equivalent unit for conversation costs for the first department for the month is closest to The cost per equivalent unit for materials costs for the first department for month is closest to the total cost for units in the ending inventory in the first department is the equivalent unit of production for conversion cost in the first department for the month is the equivalent unit of production for materials in the first department for the month is how many units were started and completed during the month in the first processing department b Factory overhead costs incurred for the month were P85,000 Utilities were P25,000, and depreciation on the equipment was P50,000 Repairs were P10,000 Which is the correct journal entry c What would be the appropriate journal entry if the following labor wages were incurred in a furniture manufacturing company Assembly workers P60,000 Janitors P40,000 Cafeteria workers P20,000

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 18, 2024

a. SY CORPORATION uses FIFO method in it'd processing system. Data concerning the first processing department for the recent month are listed below: Beginning work

a. SY CORPORATION uses FIFO method in it'd processing system. Data concerning the first processing department for the recent month are listed below:

Beginning work in process inventory:

Units in beg. work in process inventory- 900

Material Cost- 9,800

Conversion Cost- 9,200

Percentage complete with respect to materials - 55%

Percentage complete with respect to conversion- 30%

Units started into production during the month- 8,400

Materials cost added during the month- 130,400

conversation cost added during the month- 220,600

Ending workin process inventory:

Units in ending workin process inventory- 2,200

percentage complete with respect to materials- 65%

percentage complete with respect to conversion- 25%

questions:

the total cost for units transferred out from the first department>
the cost per equivalent unit for conversation costs for the first department for the month is closest to?
The cost per equivalent unit for materials costs for the first department for month is closest to ?
the total cost for units in the ending inventory in the first department is?
the equivalent unit of production for conversion cost in the first department for the month is?
the equivalent unit of production for materials in the first department for the month is?
how many units were started and completed during the month in the first processing department?

b. Factory overhead costs incurred for the month were P85,000. Utilities were P25,000, and depreciation on the equipment was P50,000. Repairs were P10,000. Which is the correct journal entry?

c. What would be the appropriate journal entry if the following labor wages were incurred in a furniture manufacturing company; Assembly workers- P60,000; Janitors- P40,000; Cafeteria workers - P20,000?