IMBA Products Company produces Banana fruit drink. The units and equivalent (in liters), as well as unit costs, for the Mix Department are as follows:

Materials

Conversion

Equivalent units in beginning work in process

21,000

4,200

Units started and completed

140,000

140,000

Equivalent units in ending work in process

10,500

6,300

Unit Cost

P6.50

P10.50

1.Assuming the company uses the FIFO method. If the beginning work in process inventory was valued at P441,000, what would be the cost of goods completed and transferred?Answer

2.Assuming the company uses the Weighted average method. If the beginning work in process inventory was valued at P441,000, what would be the cost of ending inventory?

Answer rating: 100% (QA)

Question 1 Cost of Goods Completed and Transferred using FIFO method To find the cost of goods compl... View the full answer