IWAN Company started its operations for the year 2022 in the month of May. The company...

 

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IWAN Company started its operations for the year 2022 in the month of May. The company has three departments for manufacturing one product continuously. The departments are Cutting Department, Assembly Department, and Finishing Department. The production started in cutting department for 10,000 units. The following pertains for the current month production: IP, End 2,000 units (60% completed) and Completed and Transferred Out 8,000 units Cost incurred for the month are Direct Materials P10,000, Direct Labor P12,000, and FOH-A P12,000 A. Solve for the following: 1. EUP for Material 4. Unit cost for Direct Labor 7. Cost Allocated for CTO 8. Total Cost Accounted 2. EUP for Conversion Cost as 5. Unit Cost for FOH-A 3. Unit Cost for Direct Material 6. Cost Allocated for IP, End Using the following Assumptions/ Cases: A. Materials are added evenly B. Materials are added 100% at the beginning of the process C. Materials are added 100% at the end of the process D. Materials are added 50% at the beginning and another 50% at the end of the process E. Materials are added as follows: 30% at the beginning of the process; 20% when the units are 70% completed; and lastly 50% at the end of the process F. Materials are added as follows: 50% at the beginning of the process; 30% when the units are 50% completed; and lastly 20% at the end of the process B. Prepare Cost of Production Report under CASE F IWAN Company started its operations for the year 2022 in the month of May. The company has three departments for manufacturing one product continuously. The departments are Cutting Department, Assembly Department, and Finishing Department. The production started in cutting department for 10,000 units. The following pertains for the current month production: IP, End 2,000 units (60% completed) and Completed and Transferred Out 8,000 units Cost incurred for the month are Direct Materials P10,000, Direct Labor P12,000, and FOH-A P12,000 A. Solve for the following: 1. EUP for Material 4. Unit cost for Direct Labor 7. Cost Allocated for CTO 8. Total Cost Accounted 2. EUP for Conversion Cost as 5. Unit Cost for FOH-A 3. Unit Cost for Direct Material 6. Cost Allocated for IP, End Using the following Assumptions/ Cases: A. Materials are added evenly B. Materials are added 100% at the beginning of the process C. Materials are added 100% at the end of the process D. Materials are added 50% at the beginning and another 50% at the end of the process E. Materials are added as follows: 30% at the beginning of the process; 20% when the units are 70% completed; and lastly 50% at the end of the process F. Materials are added as follows: 50% at the beginning of the process; 30% when the units are 50% completed; and lastly 20% at the end of the process B. Prepare Cost of Production Report under CASE F

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