Using the average costing method: (please show the ave method solution)

a. Compute the unit cost for:

 i. Materials

 ii. Labor

 iii. Factory overhead.

 b. Determine the cost of the work in process ending inventory. 

Problem 7 Barcelona Beach Products reports the following data for the first department in its production process: Units in process at beginning of period (all materials; 3/4 labor and factory overhead) Units started in process Units transferred out Units still in process (all materials; 1/2 labor and factory overhead) Units completed but not yet transferred to Finished Goods Related data were: Materials Labor Factory overhead Total 5,000 35,000 33,000 5,000 2,000 Work in Process at Beginning of Period P100,000 125,400 173,500 P398,900 Added During the Period P 304,000 407,100 407,750 P 1,118,850