Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

kindly answer this problem about fifo and average costing 346 Cost Accounting Problem 12 icole Company employs a process costing system. A unit of product

kindly answer this problem about fifo and average costing

image text in transcribed
346 Cost Accounting Problem 12 icole Company employs a process costing system. A unit of product passes through three departments - Molding, Assembly, and Finishing , before it is completed. The following activity took place in the Finishing Department during May: Work in process, May 1 - 1,400 units: transferred in from the Assembly Department - 14,000. spoilage - 700; completed and transferred to finished goods inventory - 11,200 Direct material is added at the beginning of the processing in the Finishing Department without changing the number of units being processed. Conversion costs are added evenly throughout the process. The work in process inventory was 70%% complete as to conversion costs in May 1 and 40% complete as to conversion costs on May 31. All spoilage is discovered at final inspection, which occurs immediately after the units are completed: 560 of the units spoiled were within the limit considered normal. Nicole Company employs the weighted-average costing method. The costs per equivalent unit of production in May are as follows: transferred-in costs -P5.00; materials - P1.00 and conversion costs - P 3.00 Required: 1. Cost of the units completed and transferred 2. Cost charged to factory overhead control 3. Cost of the units in process, end

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

12th Edition

0538478519, 9780538478519

More Books

Students also viewed these Accounting questions

Question

Explain the benefits of visualization. Critical T hinking

Answered: 1 week ago