Topic: Average and FIFO Costing

2. Cost per equivalent unit for materials and conversion costs. direct materials and 40% complete with respect to conversion costs. Costs incurred during the period amounted to P126,852 for direct materials and Requirements: Compute for the following using FIFO and Average Problem 4 The beginning work in process inventory showed a balance of P48,240. Of this amount, P16,440 is the cost of direct materials, and P31,800 are conversion costs. There were 8,000 units in the beginning inventory that were 30% complete with respect to both direct materials and conversion costs. During the period, 17,000 units were transferred out and 5,000 remained in the ending inventory. The units in the ending inventory were 80% complete with respect 1 P219,120 for conversion costs