In using FIFO method, Masipag Company produces a product that undergoes three processes and the completed...
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In using FIFO method, Masipag Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Masipag Company presented the following costs on three processes: Required: Costs incurred: Materials Direct Labor Overhead Total Materials are added at: Started/Transferred In In process, beginning Completed In Process, end Process 1 33,750 30,200 24,160 88,110 100% at the beginning 15,000 units 1,000 units 50% complete. Cost: Materials P2,250; Labor P1,000; OH P800. 15,200 units 800 units 50% complete Process 2 30,000 22,725 18,180 70,905 50% at beginning, 50% at 60% complete 15,200 units 500 units 70% complete. Cost from preceding department P2,925; Materials P1,000; Labor P525; OH P420. 15,300 Units 400 units 50% complete Process 3 27,729 24,648 19,718 72,095 40% at beginning, 30% at 50% complete, and remaining 30% at 80% complete. 5,700 units 250 units 40% complete, 250 units 70% complete. Cost from preceding pepartment P5,275; Materials P495; Labor P440; OH P352. 15,400 Units 400 units at 70% complete 91,479 77,573 62,058 231,110 B. Journalize the transactions for process 1, 2 and 3 C. How much is the total manufacturing cost? Finished Goods Inventory? Work-in Process Inventory? In using FIFO method, Masipag Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Masipag Company presented the following costs on three processes: Required: Costs incurred: Materials Direct Labor Overhead Total Materials are added at: Started/Transferred In In process, beginning Completed In Process, end Process 1 33,750 30,200 24,160 88,110 100% at the beginning 15,000 units 1,000 units 50% complete. Cost: Materials P2,250; Labor P1,000; OH P800. 15,200 units 800 units 50% complete Process 2 30,000 22,725 18,180 70,905 50% at beginning, 50% at 60% complete 15,200 units 500 units 70% complete. Cost from preceding department P2,925; Materials P1,000; Labor P525; OH P420. 15,300 Units 400 units 50% complete Process 3 27,729 24,648 19,718 72,095 40% at beginning, 30% at 50% complete, and remaining 30% at 80% complete. 5,700 units 250 units 40% complete, 250 units 70% complete. Cost from preceding pepartment P5,275; Materials P495; Labor P440; OH P352. 15,400 Units 400 units at 70% complete 91,479 77,573 62,058 231,110 B. Journalize the transactions for process 1, 2 and 3 C. How much is the total manufacturing cost? Finished Goods Inventory? Work-in Process Inventory?
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To calculate the equivalent units and cost per equivalent unit using the FIFO method for each process in Masipag Company youll need to consider the un... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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