How much is the cost of ending work in process? IONTBO Company uses the weighted average method of process costing to account for its operations. It adds direct materials at the beginning of the process. Any loss less than 10% of the units started in production is within the tolerance level. Data for the current month are as follows: Beginning work in process (45% complete) Units started in during the month Units transferred to finished goods inventory Ending work in process (15% complete) Lost units 36,000 units 120,000 units 126,000 units 21,600 units ? units Cost of BWIP Current Cost P101,840 P110,820 P400,000 P600,000 Direct materials Conversion cost O a. 192,240 O b. 91,260 O c. 24,533 d. 0

How much is the cost of ending work in process? IONTBO Company uses the weighted average method of process costing to account for its operations. It adds direct materials at the beginning of the process. Any loss less than 10% of the units started in production is within the tolerance level. Data for the current month are as follows: Beginning work in process (45% complete) Units started in during the month Units transferred to finished goods inventory Ending work in process (15% complete) Lost units 36,000 units 120,000 units 126,000 units 21,600 units ? units Cost of BWIP Current Cost P101,840 P110,820 P400,000 P600,000 Direct materials Conversion cost O a. 192,240 O b. 91,260 O c. 24,533 d. 0

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5EA: A company has 1,500 units in ending work in process that are 30% complete after transferring out...

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Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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