You are given the following data on the manufacturing operations of the entity for August, 2020:...

 

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You are given the following data on the manufacturing operations of the entity for August, 2020: In process, August 1 (8,000 units, 25% done) Factory costs: Material cost P 2.100 21,000 Labor cost 12.600 Applied overhead 8,400 Placed in process during the month 40,000 units In process, August 31 10,000 units, 40% done Required: Assuming the equivalent units of production under FIFO were 40,000 units, how much should be the cost of the given units still in process as of August 31? You are given the following data on the manufacturing operations of the entity for August, 2020: In process, August 1 (8,000 units, 25% done) Factory costs: Material cost P 2.100 21,000 Labor cost 12.600 Applied overhead 8,400 Placed in process during the month 40,000 units In process, August 31 10,000 units, 40% done Required: Assuming the equivalent units of production under FIFO were 40,000 units, how much should be the cost of the given units still in process as of August 31?

Answer rating: 100% (QA)

To calculate the cost of units still in process as of August 31 using the FIFO method we need to det... View the full answer