Using FIFO, what are equivalent units for material? Using FIFO, what is the cost per equivalent...

   

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Using FIFO, what are equivalent units for material? Using FIFO, what is the cost per equivalent unit for material? How many units were spoilage? Haikyu Company had 14,500 units that were 75% percent complete s to conversion costs at the beginning of the month. During the month, 75,000 units were started. At month end, 66,000 units were completed, ended 16,000 units of inventory with 60% as to conversion costs and 5,000 units of normal spoilage. The inspection point is at the end of the process (discrete). All materials are added at the start of production. The following cost data were given: Costs of Beginning Work in Process: Material Conversion Current Costs: Material Conversion P25,100 50,000 P120,000 300,000 How much is the cost per equivalent units for turkey and conversion costs, respectively? Round off to four decimal places. How much is the loss from abnormal spoilage? What is the total cost of transferred out before adding normal spoilage? All Turk Company produces frozen turkey patties. In the Forming Department, ground turkey is formed into patties and cooked; turkey is added at the beginning of the process and an acceptable shrinkage loss for this department is 1% of the pounds completed. The patties are then transferred to Finishing Department where they are placed on buns, boxed and frozen. The inspection point is at the end of the process (discrete). AllTurk uses weighted average process costing and has the following production in Forming Department for May 2021: Beginning WIP Inventory (80% complete s to conversion) Started Transferred to Finishing (357,300 patties) Ending WIP (30% complete s to conversion) 2,000 250,000 238,200 . pounds pounds pounds 6,000 pounds The cost data of AllTurk Company in this department: . • Beginning WIP: P1,807 for turkey; P150 for conversion costs Additional costs for the month of May: P240,208 for Turkey; P24,380 for Conversion costs Using FIFO, what are equivalent units for material? Using FIFO, what is the cost per equivalent unit for material? How many units were spoilage? Haikyu Company had 14,500 units that were 75% percent complete s to conversion costs at the beginning of the month. During the month, 75,000 units were started. At month end, 66,000 units were completed, ended 16,000 units of inventory with 60% as to conversion costs and 5,000 units of normal spoilage. The inspection point is at the end of the process (discrete). All materials are added at the start of production. The following cost data were given: Costs of Beginning Work in Process: Material Conversion Current Costs: Material Conversion P25,100 50,000 P120,000 300,000 How much is the cost per equivalent units for turkey and conversion costs, respectively? Round off to four decimal places. How much is the loss from abnormal spoilage? What is the total cost of transferred out before adding normal spoilage? All Turk Company produces frozen turkey patties. In the Forming Department, ground turkey is formed into patties and cooked; turkey is added at the beginning of the process and an acceptable shrinkage loss for this department is 1% of the pounds completed. The patties are then transferred to Finishing Department where they are placed on buns, boxed and frozen. The inspection point is at the end of the process (discrete). AllTurk uses weighted average process costing and has the following production in Forming Department for May 2021: Beginning WIP Inventory (80% complete s to conversion) Started Transferred to Finishing (357,300 patties) Ending WIP (30% complete s to conversion) 2,000 250,000 238,200 . pounds pounds pounds 6,000 pounds The cost data of AllTurk Company in this department: . • Beginning WIP: P1,807 for turkey; P150 for conversion costs Additional costs for the month of May: P240,208 for Turkey; P24,380 for Conversion costs

Answer rating: 100% (QA)

1 Calculate equivalent units and cost per equivalent unit for material using the FIFO FirstInFirstOut method Given the data Beginning units in process 14500 Units started during the month 75000 Units ... View the full answer