The cost data and the production data for MADALI LANG TO Company for the month of...
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The cost data and the production data for MADALI LANG TO Company for the month of May were as follows: Cost Data: Work in process, May 1: Costs added this month: Production Data: Work in process, May 1 (60% complete) Started in production this May Transferred out Work in process, May 31 (30% to be done) Normal lost Abnormal lost Materials Conversion costs Materials Conversion costs Php 52,000 69,000 600,000 1,602,000 9,375 units 100,000 units 90,625 units 16,250 units 1,375 units ??? All materials are added at the start of the process and the lost units are detected at the inspection point of 75% completion. a. Using the FIFO method, what is the cost assigned to units transferred out? b. Using the FIFO method, what is the cost assigned to units in ending work in process? c. Using the average method, what is the cost assigned to units transferred out? d. Using the average method, what is the cost assigned to units in ending work in process? e. What is the cost of abnormal lost units using FIFO method? f. What is the cost of abnormal lost units using the average method? The cost data and the production data for MADALI LANG TO Company for the month of May were as follows: Cost Data: Work in process, May 1: Costs added this month: Production Data: Work in process, May 1 (60% complete) Started in production this May Transferred out Work in process, May 31 (30% to be done) Normal lost Abnormal lost Materials Conversion costs Materials Conversion costs Php 52,000 69,000 600,000 1,602,000 9,375 units 100,000 units 90,625 units 16,250 units 1,375 units ??? All materials are added at the start of the process and the lost units are detected at the inspection point of 75% completion. a. Using the FIFO method, what is the cost assigned to units transferred out? b. Using the FIFO method, what is the cost assigned to units in ending work in process? c. Using the average method, what is the cost assigned to units transferred out? d. Using the average method, what is the cost assigned to units in ending work in process? e. What is the cost of abnormal lost units using FIFO method? f. What is the cost of abnormal lost units using the average method?
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Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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