FMT Manufacturing uses a process cost system to manufacture heady tools for the mining industry. The following information pertains to operations for the month of
FMT Manufacturing uses a process cost system to manufacture heady tools for the mining industry. The following information pertains to operations for the month of May 2012: Units Beginning work in process inventory, May 1 16,000 Started in production during May 100,000 Completed production during May 92,000 Ending work in process inventory, May 31 24.000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs. Costs pertaining to the month of May are as follows . The beginning inventory costs are: materials, #54,560; direct labor, P20,320; and factory overhead, P15,240. . Costs incurred during May are: materials used, P468,000; direct labor, P182,880; and factory overhead, P391, 160. Using the FIFO method, the equivalent unit cost of materials for May is Select one
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