Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. a. Using FIFO method, the unit cost is: b. The total units started in process: c. Using FIFO method, the EUP of completed and transferred units is

Q: Lansing, Inc. provides the following information for one of Its department's operations for June (no…

A: Solution: Lansing Inc. Particulars Physical units Equivalent units   Prior Department…

Q: Production data show 29,495 units were transferred out of a stage of production and 6,263 units…

A: Work in process (WIP) is inventory that has been partially completed, but which requires additional…

Q: The Sterling Company shows the following information relating to one of its raw materials.…

A: Inventory:- The term inventory includes the raw material, that is used for the production of goods…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: The conversion cost per equivalent unit is calculated as total conversion cost divided by number of…

Q: Prepare the necessary Journal entries from the following Information for Welsh Company, which uses a…

A: Solution: For goods completed during the period, Finished goods inventory is debited and work in…

Q: Production data show 35,840 units were transferred out of a stage of production and 6,200 units…

A: Inventory is the accounting of commodities, component components, and raw materials used or sold by…

Q: ibe corporation has an eup of 248,750 units. beginning inventory units of 22,500, 40% incomplete:…

A: unit conversion cost using weighted average method = current period conversion cost / Equivalent…

Q: The department had a beginning inventory of 5,500 units of product, and it started 94,500 units…

A: The equivalent units are calculated on the basis of percentage of work completed during the period.

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Total conversion cost = beginning cost+ current period cost   = 9800+204125   = P213925

Q: Bronze Company had the following transactions realting to inventory during January: Unit…

A: FIFO, or First In, First Out method is one of the commonly used methods of inventory valuation which…

Q: Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending…

A: solution: Units started and completed = Total EUP - Units completed from beginning WIP - Units in…

Q: Iris Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning x  = beginning inventory x 40%   = 22500 x 40%   = 9000 units

Q: 1. Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed   = 22500 x 40%   = 9000

Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is…

A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…

Q: The department had beginning inventory of 5,500 units of product and it started 94,500 units during…

A: Formula: Equivalent cost per unit = Total transferred in cost / Total number of equivalent units

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total conversion cost / EUP

Q: Using FIFO method, the EUP of completed and transferred units is 2. The unit conversion cost using…

A: Let units started and completed = x  Equivalent units = Units in Beginning WIP completed + Units…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning x  = beginning inventory x 40% = 22500 x 40% = 9000 units

Q: BEBE Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed   = 22500 x 40%   = 9000

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed   = 22500 x 40%   = 9000

Q: Prepare the necessary journal entries from the following Information for Welsh Company, which uses a…

A: When business purchases raw material inventory, then raw material inventory account is debited. When…

Q: Pacific Ink had beginning work-in-process inventory of $750,960 on October 1. Of this amount,…

A:

Q: Prepare the necessary journal entries from the following Information for Welsh Company, which uses a…

A: Only finished goods are transferred to WIP.  Direct labor is WIP cost and Indirect labor is…

Q: The WIP Inventory, beginning had a cost of $25,000. Determine the costs of completed and production…

A: Allocating costs incurred, to different department for largely produced batch can be done from…

Q: Cost of Production 238600 Opening stock of WIP 44400 Opening stock of FG…

A: The manufacturing industries need to have a production process. All the costs relating to production…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: unit conversion cost using weighted average method = current period conversion cost / Equivalent…

Q: Bebe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Process costing is that method of costing which is used for industries where product has to go…

Q: Prepare the necessary journal entries from the following Information for Welsh Company, which uses a…

A:

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Equivalents units of ending inventory = ending inventory units x % completed = 24000 x 60% = 14400…

Q: XYZ Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed   = 22500 x 40%   = 9000

Q: Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first…

A: Given:

Q: Prepare the necessary journal entries from the following information for Welsh Company, which uses a…

A: Journal entries recording is the first step of accounting cycle process, in which atleast one…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Total conversion cost = beginning cost+ current period cost   = 9800+204125   = P213925

Q: A company started a new product, and in the first month started 100,000 units. The ending work in…

A: The equivalent units are calculated on the basis of work completed during the period.

Q: BEBE Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total conversion cost incurred / EUP

Q: be Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Calculation of unit   Note :- beginning completed percentage = 100% - 40% = 60% Particular…

Q: ABC Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total Conversion cost / EUP

Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is…

A: Under absorption costing, the fixed overheads are consumed for the goods sold during the period.

Q: Emerald Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40%…

A: Total conversion costs =  Conversion costs of beginning inventory + current period conversion costs…

Q: Compute the following requirement. Data is as follows: Beginning Raw Materials Inventory is P30,000.…

A: Purchases - Purchase is the Inventory Purchase in the production. It in recorded in the income…

Q: Compute the following requirement. Data is as follows: • Beginning Raw Materials Inventory is…

A: Cost of goods sold is the amount of cost incurred on the goods that are to be sold. It is the amount…

Q: The beginning inventory was 100 units at P1000 per unit. Purchases for the period were as follows.…

A: Introduction:- Company using FIFO inventory method. FIFO means First in first out. It means first…

Q: Emerald Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40%…

A: EUP of beginning inventory  = beginning inventory  x 40% = 22500*40% = 9000 units

Q: Please complete the Income statement   Calculation of Direct Materials Used         (Analyze Raw…

A: Income statement The purpose of preparing the income statement to know the net income which are…

Q: ibe corporation has an eup of 248,750 units. beginning inventory units of 22,500, 40% incomplete:…

A: Solution: Units started and completed = Total EUP - EUP completed from beginning WIP - EUP in ending…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.