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November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 In process, beginning (units) Completed and transferred out (units) In Process, end (units) 49,000 47,000 44,000 1,000 1,500 1,500 50% 50% 60% In Process, end (rate of convertion) 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) Quality Control Inspection Made at the end of the process at the end of the process at the end of the process

November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 In process, beginning (units) Completed and transferred out (units) In Process, end (units) 49,000 47,000 44,000 1,000 1,500 1,500 50% 50% 60% In Process, end (rate of convertion) 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) Quality Control Inspection Made at the end of the process at the end of the process at the end of the process

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 November, 2022 Company presented the following costs on processes: In November, under FIFO method, how many units were started and completed in Process 2? 44,000 47,000 50,000 49,000
November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 0. In process, beginning (units) 49,000 47,000 44,000 Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) 1,000 1,500 1,500 50% 50% 60% 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) at the end of the process at the end of the process at the end of the process Quality Control Inspection Made
Transcribed Image Text:November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 0. In process, beginning (units) 49,000 47,000 44,000 Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) 1,000 1,500 1,500 50% 50% 60% 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) at the end of the process at the end of the process at the end of the process Quality Control Inspection Made
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