The following production data were taken from the books of Ulan Manufacturing Co. Inc. which manufactures...

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The following production data were taken from the books of Ulan Manufacturing Co. Inc. which manufactures its products in 3 successive departments namely, Molding, Assembly, and Finishing: Assembly Units: In Process, March 1 % of completion Transferred-out In Process, March 31 % of completion Costs: WIP, March 1 Materials Labor Overhead Cost Added in March: Materials Labor Overhead Molding 2,000 1/4 15,000 5,000 1/2 Php2,500 1,500 1,000 Php85,000 51,000 34,000 5,000 2/5 15,000 5,000 2/5 Php6,750 40,500 20,250 Php7,500 45,000 22,500 Finishing 2. Assign the cost to Finished and Transferred and Work-in-Process, End. 3. Give the Journal Entries required to record the above. 7,000 1/7 20,000 2,000 1/2 Php39,496 59,250 19,754 Php40,000 60,000 20,000 REQUIRED: 1. Determine the equivalent units of production for each cost of element and compute the cost per EUP using both method The following production data were taken from the books of Ulan Manufacturing Co. Inc. which manufactures its products in 3 successive departments namely, Molding, Assembly, and Finishing: Assembly Units: In Process, March 1 % of completion Transferred-out In Process, March 31 % of completion Costs: WIP, March 1 Materials Labor Overhead Cost Added in March: Materials Labor Overhead Molding 2,000 1/4 15,000 5,000 1/2 Php2,500 1,500 1,000 Php85,000 51,000 34,000 5,000 2/5 15,000 5,000 2/5 Php6,750 40,500 20,250 Php7,500 45,000 22,500 Finishing 2. Assign the cost to Finished and Transferred and Work-in-Process, End. 3. Give the Journal Entries required to record the above. 7,000 1/7 20,000 2,000 1/2 Php39,496 59,250 19,754 Php40,000 60,000 20,000 REQUIRED: 1. Determine the equivalent units of production for each cost of element and compute the cost per EUP using both method

Answer rating: 100% (QA)

To solve this problem well first calculate the equivalent units of production EUP for each cost element using both the weightedaverage method and the FIFO FirstInFirstOut method Then well assign the c... View the full answer