Allocate costs to WIP and Transferred Out using weighted average and FIFO method 1. ABC Manufacturing...

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Allocate costs to WIP and Transferred Out using weighted average and FIFO method 1. ABC Manufacturing Company produces a product in two manufacturing departments, Molding and Finishing. The product is molded out of plastic in the Molding Department and then transferred to the Finishing Department, where parts are added to the molded plastic unit. Data related to August Operations in the Molding Department are: Costs Charged to the Department: Beginning Inventory Factory Direct P48,300 2,870 12,900 Added this Period Materials Overhead Labor During the period, 9,200 units were transferred from the Molding Department to the Finishing Department. The Molding Department had 1,000 units still in process at the end of July (100% complete as to materials and 40% complete as to conversion cost) and 800 units still in process at the end of August (75% complete as to materials and 25% complete as to conversion cost) P455,900 135,400 184,500 2. XYZ Corporation manufactures a product in three departments. The product is cut out of sheet metal in the Cutting Department, then transferred to the Forming Department where it is bent to shape and certain parts purchased from outside vendors are added to the unit. The product is finally transferred to the Painting Department, when it is primed painted and packaged. Data related to September operations in the Forming Department are: Units in beginning inventory (80% materials, 40% labor and overhead) 1,400 Units received from the Cutting Department this period 4,600 Units transferred to Painting Department this period 5,000 Units in ending inventory (60% materials, 30% labor and overhead) 1,000 Costs charged to the department: Costs from the preceding dept Beginning Inventory overhead Added this period P211,200 P703,800 Materials 59,360 Direct Labor 26,020 Factory 52,040 203,840 175,380 350,760 Allocate costs to WIP and Transferred Out using weighted average and FIFO method 1. ABC Manufacturing Company produces a product in two manufacturing departments, Molding and Finishing. The product is molded out of plastic in the Molding Department and then transferred to the Finishing Department, where parts are added to the molded plastic unit. Data related to August Operations in the Molding Department are: Costs Charged to the Department: Beginning Inventory Factory Direct P48,300 2,870 12,900 Added this Period Materials Overhead Labor During the period, 9,200 units were transferred from the Molding Department to the Finishing Department. The Molding Department had 1,000 units still in process at the end of July (100% complete as to materials and 40% complete as to conversion cost) and 800 units still in process at the end of August (75% complete as to materials and 25% complete as to conversion cost) P455,900 135,400 184,500 2. XYZ Corporation manufactures a product in three departments. The product is cut out of sheet metal in the Cutting Department, then transferred to the Forming Department where it is bent to shape and certain parts purchased from outside vendors are added to the unit. The product is finally transferred to the Painting Department, when it is primed painted and packaged. Data related to September operations in the Forming Department are: Units in beginning inventory (80% materials, 40% labor and overhead) 1,400 Units received from the Cutting Department this period 4,600 Units transferred to Painting Department this period 5,000 Units in ending inventory (60% materials, 30% labor and overhead) 1,000 Costs charged to the department: Costs from the preceding dept Beginning Inventory overhead Added this period P211,200 P703,800 Materials 59,360 Direct Labor 26,020 Factory 52,040 203,840 175,380 350,760

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To allocate costs to Work in Process WIP and Transferred Out using the weighted average method and the Equivalent Units of Production EUPO method we n... View the full answer