The plant manager of Integrity Products Co. gathered production statistics for October as follows:

Beginning work in process : 8,000 units (all materials but only ½ converted)
Materials cost- P7,968
Conversion cost- P8,592

1. Placed in Process, October: 40,000 units
2. Materials cost- P48,000
3. Conversion cost- P72,720
4. Completed and transferred to finished goods during October- 42,000 units
   Ending work in process- 6,000 units (all materials, 3/5 incomplete)
   
5. 
   
6. Using FIFO method, what is the total cost of completed units?

Answer rating: 100% (QA)

To calculate the total cost of completed units using the FIFO FirstInFirstOut method we need to account for the costs of the units that were started a... View the full answer