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1. What is the amount of cost of goods manufactured? a. P226,926.61 b. P234,541.61 c. P240,072.00 d. None of the above   2. What is the total units to account for (TUTAF) in Department 1? a. 16,000 b. 15,100 c. 15,000 d. 15,700

1. What is the amount of cost of goods manufactured? a. P226,926.61 b. P234,541.61 c. P240,072.00 d. None of the above   2. What is the total units to account for (TUTAF) in Department 1? a. 16,000 b. 15,100 c. 15,000 d. 15,700

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...
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In using FIFO method, Richer Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Richer Company presented the following costs on three processes:

*see image attached*

 

1. What is the amount of cost of goods manufactured?

a. P226,926.61

b. P234,541.61

c. P240,072.00

d. None of the above

 

2. What is the total units to account for (TUTAF) in Department 1?

a. 16,000

b. 15,100

c. 15,000

d. 15,700

Required: Costs incurred: Process 1 Process 2 Process 3 33,750 30,000 22,725 Materials 27,729 91,479 Direct Labor 30,200 24,648 77,573 Overhead 24,160 18,180 19,718 62,058 Total 88,110 70,905 72,095 231,110 50% at beginning, 50% at 60% complete 50% complete, and Materials are added at: 100% at the beginning 40% at beginning, 30% at remaining 30% at 80% complete. Started/Transferred In 15,000 units 15,200 units 5,700 units 1.000 units 50% complete. Cost: Materials P2,250; Labor P1,000; OH P800. 500 units 70% complete. 250 units 40% complete, 250 Cost from preceding department P2,925; Materials P1,000; Labor P525; OH P420. units 70% complete. Cost from preceding pepartment P5,275; Materials P495: Labor P440; OH P352. In process, beginning Completed 15,200 units 15,300 Units 15,400 Units In Process, end 800 units 50% complete 400 units 50% complete 400 units at 70% complete
Transcribed Image Text:Required: Costs incurred: Process 1 Process 2 Process 3 33,750 30,000 22,725 Materials 27,729 91,479 Direct Labor 30,200 24,648 77,573 Overhead 24,160 18,180 19,718 62,058 Total 88,110 70,905 72,095 231,110 50% at beginning, 50% at 60% complete 50% complete, and Materials are added at: 100% at the beginning 40% at beginning, 30% at remaining 30% at 80% complete. Started/Transferred In 15,000 units 15,200 units 5,700 units 1.000 units 50% complete. Cost: Materials P2,250; Labor P1,000; OH P800. 500 units 70% complete. 250 units 40% complete, 250 Cost from preceding department P2,925; Materials P1,000; Labor P525; OH P420. units 70% complete. Cost from preceding pepartment P5,275; Materials P495: Labor P440; OH P352. In process, beginning Completed 15,200 units 15,300 Units 15,400 Units In Process, end 800 units 50% complete 400 units 50% complete 400 units at 70% complete
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