Question
Linda Company began making cosmetics in April 2021 using a single-step process. Linda incurred P21,000 for materials and P24,320 for conversion during the month. There
Linda Company began making cosmetics in April 2021 using a single-step process. Linda incurred P21,000 for materials and P24,320 for conversion during the month. There were 14,000 pints of cosmetics started in April and 2,000 pints unfinished (40 percent complete) at the end of the period. All materials were added at the beginning of the production process.
What is the unit cost for materials for Linda using the FIFO method?
a. P3.40
c. P1.90
b. P1.50
d. P1.64
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
