aily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are include the inception of the process. Conversion costs are incurred evenly throughout the process. The machir oke down at 60% stage of completion due to inefficient operator that caused some of the units in process e spoiled with no market value. Daily Custom Company uses FIFO in accumulating costs. Data provided f eptember of the current year are as follows Work in process, beg. Started Completed & transferred Work in process, end 30,000 units Mat-100%; CC-89.5% 80,000 units 86,000 units 20,000 units Mat-100%; CC-75% Costs: Work in Process, beg. Materials Conversion costs P70,000 40,000 Added during the period: Materials P160 000
aily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are include the inception of the process. Conversion costs are incurred evenly throughout the process. The machir oke down at 60% stage of completion due to inefficient operator that caused some of the units in process e spoiled with no market value. Daily Custom Company uses FIFO in accumulating costs. Data provided f eptember of the current year are as follows Work in process, beg. Started Completed & transferred Work in process, end 30,000 units Mat-100%; CC-89.5% 80,000 units 86,000 units 20,000 units Mat-100%; CC-75% Costs: Work in Process, beg. Materials Conversion costs P70,000 40,000 Added during the period: Materials P160 000
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...
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